4) Great Gardens Inc. had the following transactions during its first month of o

4) Great Gardens Inc. had the following transactions during its first month of operations:May 1 Great Gardens received $20000 cash and issued common stock to the stockholders.May 1 Paid the May rent $1000.May 3 Purchased equipment on account for $6000.May 5 Purchased gardening supplies for $2000 on account.May 8 Performed services for a client and received cash of $1800.May 12 Performed services for a client and billed the customer $12200. The customer promised to pay within 10 days.May 15 Paid for the equipment purchased May 3 on account.May 22 Received payment from a customer on account $12200.May 28 Borrowed $20000 from First National Bank for business use.May 30 Paid the employee salaries of $3000 for the month.May 31 Paid the utility bill of $800.Required: Record the transactions of the business in a journal. Include an explanation for each entry. (22 points)