Pete Hall started a painting business in May. Prepare journal entries to record the transactions during the month of May detailed below. (Credit account titles are automatically indented when the amount is entered. Do not indent manually, List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) 1. Pete started the business by investing cash of $12,200, equipment with a fair value of $3,050, and painting supplies with a fair value of $530. 2. Entered into a painting contract with a client for a total of $1,525 that provided a deposit of $305 prior to commencing any work. 3. Purchased painting supplies for $212 on account. 4. Received cash of $732 for painting services provided. 5. Pald for one-year insurance in advance, $1,464 6. Completed the painting contract in (2) above and received the balance owing in cash of $1,220. 7. Paid cash of $244 from the business bank account for Pete's personal expenses. 8. Paid for the supplies purchase in (3) above