Required: Analyze the transactions and prepare the journal entries. 1. On May 1, the company purchased $500 of supplies on account. 2. On May 2, the company paid $2,000 for a 12-month insurance policy. Coverage is for June 1, 2018 through May 30, 2019. 3. On May 10, the company sent a bill to a customer for $3,200 of services provided. 4. On May 15, the company received $2,500 from a customer for work that will be performed in June. 5. On May 20, the company purchased a piece of equipment for $35,000. It paid $5,000 down and borrowed the balance from the bank. 6. On May 30, the company paid $750 for May's rent on the office building, Instructions for Transaction Analysis and Journal Entries and Alphabetical List of Specific Account Names Step 1: Analyze the transaction Analyze each transaction and fill in the table below. Transaction Analysis Table Date Specific Account Type of Account Increase or Decrease Debit or Credit Amount S S S