QS 2-12Preparing journal entries LO3,5 Prepare journal entries for the following transactions that occurred during 2017: May 1234567 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. Page 119