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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