Prepare journal entries for the following transactions that occurred during 2014:
May 1 Purchased equipment on account; $500.
2 Paid for the equipment purchased on May 1.
3 Purchased supplies for cash; $100.
4 Paid wages to employees; $2,000.
5 Performed services for a client and collected cash; $750.
6 Did work for a customer on credit; $2,500.
7 Collected the amount owing from the customer of May 6.
Bell Company's records showed the following April 30, 2014, account balances: