he 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. |
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