Telecon, Inc., experienced the following transactions during May 2017. Prepare the appropriate journal entries to record these transactions (omit explanations) and post them to the ledger.

May8Paid monthly rent of $4,000.

9Borrowed $4,000 from National City Bank

10Bought supplies from a supplier for $3,600 on account.

11Bought equipment for $160,000, paying 40% in cash and signing a note for the balance.

15Provided services for $25,000 cash.

21Purchased a 2-year insurance policy for $10,000.

25Paid $3,600 owed to the supplier.

26Paid off the loan($4,000) plus $100 interest

28Collected $5,000 in accounts receivable.

29Issued an additional 500 shares of capital stock for $20,000.

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