Cora's Services was formed on May 1. The following transactions and events took place during the first month. 1. Cora Jacq invested $20,000 cash in the company, as its sole owner. 2. Hired two employees to work in the office. They will each be paid a salary of $2,000 per month. 3. Signed a 2-year rental agreement on an office; paid $24,000 cash for rent. 4. Purchased equipment costing $30,000; paid $6,000 now and the remainder on account. 5. Paid $2,100 cash for furniture. 6. Purchased basic office supplies for $520 cash. 7. Purchased more office supplies for $1,300 on account. 8. Total revenues earned were $50,000: $38,000 cash and $12,000 on account. 9. Paid $400 to suppliers from item 7. 10. Received $4,000 from customers in payment of accounts receivable. 11. Received utility bill in the amount of $490, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $4,000.