2. Basic journal entries.The following transactions pertain to the Jennifer Royall Company:
May 1 Jennifer Royall invested cash of $25,000 and land valued at
$15,000 into the business.
5 Provided $1,000 of services to Jason Ratchford, a client, on account.
9 Paid $1,250 of salaries to an employee.
14 Acquired a new computer for $4,200, on account.
20 Collected $800 from Jason Ratchford for services provided on May 5.
24 Borrowed $2,500 from BestBanc by securing a six-month loan.
Prepare journal entries (and explanations) to record the preceding transactions and events.
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