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 $13,500 and signing a 90-day note payable for the balance of $27,000.
2 Purchased 12 months of insurance to begin May 2; paid $21,000.
3 Completed a fitness contract for a group of clients today and received $5,500.
4 Purchased office supplies on account; $3,500.
6 Returned to the supplier $700 of defective office supplies purchased on May 4.
10 Provided services to a client today on account; $11,000.
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 $2,000 from a client for work to be done in June.
31 Paid month-end salaries of $42,000.
31 Paid the May telephone bill today; $2,000.
31 Received the May electrical bill today; $2,600. It will be paid on June 15.

Required:
Prepare journal entries for each of the above transactions.