Total assets Total liabilities and Owner's equity Problem # 2 (25 Pts.) Mason's Restaurant had the following transactions during the month of May and Catering is a sole proprietorship owned by Michael Mason. The business May 1 Mason contributed $45,000 cash in exchange for capital. 5 Paid monthly rent on the restaurant equipment, $1,650. 12 Purchased office supplies on account, $1,500. 15 Borrowed $25,000 from the bank for business use. 26 Paid $30,000 cash for a delivery van. 28 Paid $1,500 on account. 29 The business received $1,600 for catering services for a wedding on June 11 31 Revenues earned during the month included $20,500 cash and $14,500 on account. Received the May utility bill for $1,000. The amount is due on June 10 and will be paid 31 on that date. 31 Paid employees' salaries $5,500; restaurant rent $3,000 and advertising for May $800. Record a compound entry Received the bill for catering food and supplies used in May, $8,500 31 The bill is due on June 15 and will be paid on that date 31 Michael Mason withdrew $6,000 cash from the business for personal use. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Delivery Van; Accounts Payable; Utilities Payable; Unearned Revenue; Notes Payable; Mason, Capital; Mason, Withdrawals; Service Revenue; Salaries Expense; Equipment Rent Expense; Restaurant Rent Expense; Utilities Expense; Catering Expense; and Advertising Expense. Required: Journalize each transaction. Explanations are not needed