May Smith has started a new business in March 2019. The following information is available about the entitys business transactions in the month of March.

Prepare general journal entries to record the transactions. Ignore GST

March	1	May Smith withdrew $500,000 from her personal savings and deposited into the business bank account, and also borrowed $200,000 from a bank to start her new business.
	2	Purchased equipment $15,000 and supplies $4,000 in cash.
	4	Paid rent for the next 6 months $8,000.
	8	Hired one employee and signed a contract with the employee that agrees to pay the employee an annual salary of $55,000.
	20	May Smith withdrew $1,000 for personal use.