May 1 Latinovich Legal Services received $20,000 cash and issued common stock to the 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 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 u 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 May 1 Latinovich Legal Services received $20,000 cash and issued common stock to the 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 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 u 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