The following information is available about the entity’s business transactions in May 2019.
| May | 1 | Borrowed $300,000 from a bank. |
| 2 | Purchased inventory on credit from a supplier A/K, n/20, $5,000. | |
| 4 | Paid insurance for the next 12 months $6,000. | |
| 8 | Paid the supplier A/K the full amount for inventory purchased on 2 May. | |
| 9 | Owner withdrew $2,000 for personal use. |
Required:
Prepare general journal entries to record the transactions. Ignore GST.
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