Bruce lbach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020: 4 02:07:13 May 1 Purchased new equipment, paying cash of $14,800 and signing a 90-day note payable for the balance of $40,000. 2 Purchased 12 months of insurance to begin May 2; paid $28,800. 3 Completed a fitness contract for a group of clients today and received $6,800. 4 Purchased office supplies on account; $4,150. 6 Returned to the supplier $830 of defective office supplies purchased on May 4. 10 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. Required: ransactions JEU LANE Required: Prepare journal entries for each of the above transactions. View transaction list View journal entry worksheet ***** No Date General Journal Debit Credit 1 May 01, 2020 Equipment Cash Notes payable 2 May 02, 2020 Prepaid insurance Cash 3 May 03, 2020 Cash Fitness contract revenue 4 May 04, 2020 Office supplies Accounts payable