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.|
Prepare general journal entries to record the transactions. Ignore GST.
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