CALCULATOR PRINTER VERSION CRACK NEXT Problem 2-03A a-c (Part Level Submission) Sheffield Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $11,000 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 $2,900 per month 3. Signed a 2-year rental agreement on a warehouse; paid $25,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $30,000. A cash payment of $12,000 was made immediately, the remainder will be paid in 6 5. Paid $2,000 cash for a one year insurance policy on the furniture and equipment. Transactions during the remainder of the month: 6. Purchased basic office supplies for $600 cash. 7. Purchased more office supplies for $1,300 on account. 8. Total revenues earned were $18,000-$7,000 cash and $11,000 on account. 9. Paid $300 to suppliers for accounts payable due 10. Received $3,300 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $500, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $5,800. repare a trial balance as of May 31, 2020. SHEFFIELD SERVICES Trial Balance May 31, 2020 Debit Credit Cash 44,400 Prepaid Insurance 2,000 DION Prepaid Rent 25,000 Accounts Receivable 7,700 Supplies 1,900 Equipment 30,000 Accounts Payable 19,500 CA Owner's Capital 41,000 Service Revenue 18,000 Salaries and Wages Expense 5,800 Utilities Expense 500 Totals 78,500 78,500