Bruce Ibach owns Blotech Fithess Centre, which showed the following selected transactions for the month ended May 31 , 2023: May 1 Purchased new equipment, paying cash of $14,900 and signing a 90 -day note payable for the balance of $41,000. 2 Purchased 12 months of insurance to begin May 2; paid $29,400. 3 Completed a fitness contract for a group of clients today and received $6,900. 4 Purchased office supplies on account; $4,200. 6 Returned to the supplier $840 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $12,400. 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 $3,400 from a client for work to be done in June. 31 Paid month-end salaries of $56,000. 31 Paid the May telephone bill today; $2,700. 31 Received the May electrical bill today; $4,000. It will be paid on June 15. Required: Prepare journal entries for each of the above transactions