E. Journal entries debit and credit

No.	Date	Transactions
(1)	May 1	Owner invested $20,000 in the company.
(2)	May 3	Borrowed $10,000 from a bank.
(3)	May 6	Purchased $15,000 equipment in cash.
(4)	May 8	Purchased $9,000 merchandise on credit.
(5)	May 15	Sold 500 units of merchandise at the price of $11,000. Customer paid $8,000 in cash at the time of sale.
(6)	May 25	Paid $2,500 salaries.
(7)	May 26	Paid $1,500 rent.