The following information is available about the entity's business transactions in May 2019.

May

1

Borrowed $300,000 from a bank.

2

Purchased inventory on credit from a supplier A/K, n/20, $5,000.

4

Paid insurance for the next 12 months $6,000.

8

Paid the supplier A/K the full amount for inventory purchased on 2 May.

9

Owner withdrew $2,000 for personal use.