Galle Inc. entered into the following transactions during January.
a. January 1: Borrowed $50,000 from First Street Bank by signing a note payable.
b. January 4: Purchased $25,000 of equipment for cash.
c. January 6: Paid $500 to landlord for rent for January.
d. January 15: Performed services for customers on account, $10,000.
e. January 25: Collected $3,000 from customers for services performed in Transaction d.
f. January 30: Paid salaries of $2,500 for the current month.
Required:
Prepare journal entries for the transactions.