Problem 2-3A Preparing General Journal entries LO3, 5 Bruce lbach 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 513 , 5ee and signing a 90 -day note payable for the balance of 527,000 2 Purchased 12 months of insurance to begin May 2; paid \$21, 6ed. 3 conpleted a fitness contract. for a group of c1ients today and received 55,509. 4 Purchased office supplies on account; 53,500 . 6 Returned to the supplier sjee of defective office supplies purchased on may 4. 16. Provided services to a client today on-account; 311, ee6. 15. Paid for the May 4 purchase less the return of May 6 . 20 Meceived paytent from the client of May 10. 25 Received cash of 52 , eee fron a cident for work to be done in June: I1 paid month-end salaries of se2, eee. 31 Paid the May telephone bil1 today; 32 ; eeag , 11 Received the May electrical bi11 todayi 52,6e0. If will be paid on June 15. Requiled: Prepare journal entries for each of the above transactions