Telecon, Inc., experienced the following transactions during May 2013. Prepare the appropriate journal entries to record these transactions (omit explanations). May 3 Purchased $160,000 of inventory, paying 50% in cash and the balance on account. 8 Paid monthly rent of $4,000. 11 Purchased equipment for $160,000, paying 40% in cash and signing a note for the balance. 15 Sold inventory costing $15,000 for $25,000 cash. 21 Purchased a 2-year insurance policy for $10,000. 25 Paid $8,000 on account. 28 Collected $5,000 in accounts receivable. 29 Sold an additional 500 shares of capital stock for $20,000. 30 Paid utilities of $3,000.