Edward Island QUESTION #2 - Recording Journal Entries - 10 marks (suggested time: 18 minutes) minutes) Spoke's Repair Inc. opened on May 1, 2019. The following events and transactions occurred during May. May 1 May 3 May 4 May 5 May 6 May 8 May 10 May 15 May 16 May 17 Received $10,000 and issued common shares. Paid $4,500 cash for equipment. Purchased supplies on account for $400. Performed repair services on account for $500. Paid $ 700 for newspaper advertising to appear next week. Paid for the supplies purchased May 4 on account. Obtained a bank loan for $15,000. Purchased inventory on account for $12,000. Hired a salesperson to start the first of June. Collected $500 owing from customer. Required: Prepare the necessary journal entries to record the May transactions. Explanations for your Journal entries are not required. If no journal entry is required, leave a note to that effect