Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023: May 1 Purchased new equipment, paying cash of $14,500 and signing a 90-day note payable for the balance of $37,000. 2 Purchased 12 months of insurance to begin May 2; paid $27,000. 3 Completed a fitness contract for a group of clients today and received $6,500. 4 Purchased office supplies on account; $4,000. 6 Returned to the supplier $800 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $12,000. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10