1 2 May Smith has started a new business in March 2019. The following information is available about the entity's business transactions in the month of March. March May Smith withdrew $500,000 from her personal savings and deposited into the business bank account, and also borrowed $200,000 from a bank to start her new business. Purchased equipment $15,000 and supplies $4,000 in cash. 4 Paid rent for the next 6 months $8,000. Hired one employee and signed a contract with the employee that agrees to pay the employee an annual salary of $55,000 20 May Smith withdrew $1,000 for personal use. 8 Required: Prepare general journal entries to record the transactions. Ignore GST (5 marks) hauen the