Latinovich Legal Services had the following transactions during its first month of operations: < May 1 Latinovich Legal Services received 20,000 cash and issued common stock to the stockholders. < May 1 Paid the May rent, 5,000. May 3 Purchased equipment on account for 3,000. < May 5 Purchased supplies for 2,000 on account. May 8 Performed services for a client and received cash of 11,800. < May 12 Performed services for a client and billed the client 12,200. The client promised to pay within 10 days. < May 15 Paid for the equipment purchased May 3 on account. May 22 Received payment from a client on account, 12,200. < May 28 Borrowed 10,000, by signing a promissory note, from First National Bank for use in the business. May 31 Employees were paid 3,000 for working during the current month. < May 31 Received and paid the utility bill of 1,800. < Required: Record the transactions of the business in a journal. Include an explanation for each entry.