Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended...

 

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Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023: May 1 Purchased new equipment, paying cash of $13,000 and signing a 90-day note payable for the balance of $22,000. 2 Purchased 12 months of insurance to begin May 2; paid $18,000. 3 Completed a fitness contract for a group of clients today and received $5,000. 4 Purchased office supplies on account; $3,250. 6 Returned to the supplier $650 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $10,500. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $1,500 from a client for work to be done in June. 31 Paid month-end salaries of $37,000. 31 Paid the May telephone bill today; $1,750. 31 Received the May electrical bill today; $2,100. It will be paid on June 15. Required: Prepare journal entries for each of the above transactions. Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2023: May 1 Purchased new equipment, paying cash of $13,000 and signing a 90-day note payable for the balance of $22,000. 2 Purchased 12 months of insurance to begin May 2; paid $18,000. 3 Completed a fitness contract for a group of clients today and received $5,000. 4 Purchased office supplies on account; $3,250. 6 Returned to the supplier $650 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $10,500. 15 Paid for the May 4 purchase less the return of May 6. 20 Received payment from the client of May 10. 25 Received cash of $1,500 from a client for work to be done in June. 31 Paid month-end salaries of $37,000. 31 Paid the May telephone bill today; $1,750. 31 Received the May electrical bill today; $2,100. It will be paid on June 15. Required: Prepare journal entries for each of the above transactions.