1. Jay Bradford invested $39,000 cash in the company, as its sole owner. 2. Hired two employees to work in the warehouse. They will each be paid a salary of $3,500 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year. 4. 5. Transactions during the remainder of the month: 6. Purchased basic office supplies for $400 cash. Purchased furniture and equipment costing $31,500. A cash payment of $11,000 was made immediately; the remainder will b Paid $1,600 cash for a one-year insurance policy on the furniture and equipment. 7. Purchased more office supplies for $1,200 on account. 8. Total revenues earned were $20,500-$8,500 cash and $12,000 on account. 9. Paid $300 to suppliers for accounts payable due. 10. Received $3,100 from customers in payment of accounts receivable. Received utility bills in the amount of $400, to be paid next month. 11. 12. Paid the monthly salaries of the two employees, totaling $7,000. 1 8 10 10 Cash 39000 5 1600 > > > 20500 6 400 3100 7 1200 Bal. 59100 9 300 Accounts Receivable 9 3100 Bal. 0 7 1200 Supplies Bal. 1200 3100 Prepaid Insurance 5 1600 Bal. 3 0.00 Prepaid Rent 24000 Bal. 0.00 Equipment 20500 Bal. 20500 Accounts Payable Bal. 11000 4 20500 300 7 1200 300 Bal. 22000 Owner's Capital 39000 Bal. 39000 12 Service Revenue Bal. Salaries and Wages Expense 7000 Bal. 0.00 11 Utilities Expense 400 Bal. 400 20500 20500 Totals Prepare a trial balance as of May 31, 2022. 69 CONCORD SERVICES Trial Balance Debit Credit 60 $