= III 1) May1, purchased new equipment, paying cash $25,000 and signing a 90- days note payable for the balance of $87,500 2)Purchased 12 month of insurance to begin May2, paid $4800 3)May2, Completed a design for a customer today and received $7320 cash 4) May 4, Purchase office supplies on Account $4750 5) May6, Returned supplier $325 of defective office supplies purchased on May4 6)May 10, provided services to a client on account $14,500 7) May 15, paid for May4 purchase. 8) May20, Received payment from the client of May10 9)May 25, Received cash of $8210 from a client for work to be done in June 10) May31, paid month-end salaries of $7,110 11) May31, paid the May Telephone bill for $375 12) May31, received May electrical bill today $637, it will be paid on Jun15. G Please prepare the journal entries for the above transactions