The Ratelit Corporation had the folowing accounting framework available Owners Egy AD Required 1. Record each of the following transactions/events in the accounting framework including the date of each transaction as well as descriptions of amounts in the Cash and R/E columns. May 1 Received $50 from customers on account Purchased $300 of supplies Purchased equipment for $7,200, which is expected to be useful for 7 years at which time, t should be worth $900 May 1 May 1 May 3Purchased $2,400 of inventory on account May 8 Paid suppliers $180 for inventory purchases previously made on account May 10 Paid an insurance premium of $210 May 13 Received and paid utility bill for $600 May 19 Sold and delivered 25% of all inventory for $8,400; sent bin to customer May 24 Sold a customer a gift card for $120 May 31 Unpaid employee salaries for May totaled $4,800 May 31 Insurance of $80 expired May 31 Supplies on hand reported at $280