Prepare journal entries for the transactions below. A company entered into the following transactions during May. This is the first month of their operation.

A. May 1st: Borrowed $10,000 from KeyBank, signed a note to pay it off in a year.

B. May 1st: Purchased supplies for $600 on account.

C. May 1st: Signed a lease and made a payment of $6,000 to the landlord comprised of three months rent covering May, June, and July.

D. May 5th: Received a payment of $4,000 for services to be performed in June:

E. May 11th: Performed services and sent a bill of $7,000 to a customer.

F. May 15st: Made a $500 payment on account for supplies that was purchased on May 1st.

G. May 20th: Collected $4,000 from the customer billed on May 11th.

H. May 30th: Received bills for the current month from telephone and electricity companies totaling $30; payments will be made next month.

I. May 31st: Paid employees $1,100 for work done during the month.

J. May 31st: Physical count of supplies shows the supplies bought on May 4th only have $400 worth left.

K. May 31st: Adjusted the rent expense (see transaction C).