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.e