Prepare journal entries for the following transactions that occurred during 2020. Purchmed equipment on account: $500 Paid for the equipment purchased on May 1 Purchased supplies for cash $100 Paid wages to employees: $2,000 May 1 2 3 4 S 6 Did work for a customer on credit $2.500 7 Collected the amount owing from the customer of May 6 Performed services for a client and collected cash; $750