Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020 May 1 Purchased new equipment, paying cash of $14,000 and signing a 90-day note payable for the balance of $40,000 2 Purchased 12 months of insurance to begin May 2; paid $28.8. 3 Completed a fitness contract for a group of clients today and received $6.800 4 Purchased office supplies on account; 54,150. 6 Returned to the supplier 80 of defective office supplies purchased on May 1. 19 Provided services to a client today on account: $12,300 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $3,300 from a client for work to be done in June. 31 Paid month-end salaries of $55,000. 31 Paid the May telephone bill today: $2,650. 31 Received the May electrical bill today: $3,900. It will be paid on June 15