Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023

40

May 1 Purchased new equipment, paying cash of $13,000 and signing a 30-day note payable for the balance of $30,000. 2 Purchased 12 months of insurance to begin May 2; paid $22.000.

3 Completed a fitness contract for a group of clients today and received $5,800.

4 Purchased office supplies on account: $3,650. Returned to the supplier $730 of defective office supplies purchased on May 4. 10 Provided services to a client today on account, $11,300.

31 Paid month-end salaries of $45,000.

31 Faid the May telephone bill today: $2,150.

31 Received the May electrical bill today, 12,900. It will be paid on June 15.

13 Paid for the May 4 purchase less the return of ay 20 Received payment from the client of May 10. 25 Received cash of $2,300 from a client for work to be done in June.

Required:

Prepare journal entries for each of the above transactions.