QS 2-12 Preparing journal entries QLO3,05 Prepare journal entries for the following transactions that occurred during 2020: May 1 2 3 4 Purchased equipment on account: $500. Paid for the equipment purchased on May 1. Purchased supplies for cash: $100. Paid wages to employees: $2,000. Performed services for a client and collected cash: $750. Did work for a customer on credit. $2.500. Collected the amount owing from the customer of May 6. 7