Homework Saved Problem 2-3A Preparing General Journal entries LO3, 5 Bruce Ibach owns Biotech Fitness Centre, which showed the following selected transactions for the month ended May 31, 2020: May 1 Purchased new equipment, paying cash of $14, 700 and signing a 90-day note payable for the balance of $39, 000. 2 Purchased 12 months of insurance to begin May 2; paid $28, 200. Completed a fitness contract for a group of clients today and received $6, 700. 4 Purchased office supplies on account; $4, 100. 6 Returned to the supplier $820 of defective office supplies purchased on May 4. 10 Provided services to a client today on account; $12, 200. 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 $3, 200 from a client for work to be done in June. 31 Paid month-end salaries of $54,000. 31 Paid the May telephone bill today; $2, 600. 31 Received the May electrical bill today; $3, 800. It will be paid on June 15. Required: Prepare journal entries for each of the above transactions