Current Attempt in Progress Lily Services was formed on May 1, 2022. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000 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 $3,000 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year. 4. 5. Purchased furniture and equipment costing $30,600. A cash payment of $12,000 was made immediately; the remainder will b Paid $1,900 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 $500 cash. 7. Purchased more office supplies for $1,200 on account. 8. Total revenues earned were $18,600-$7,600 cash and $11,000 on account. 9. Paid $300 to suppliers for accounts payable due. 10. Received $2,900 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $400, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $6,000. (b) 7. 8. 9. 10. 11. 12. eTextbook and Media List of Accounts Save for Later Attempts: 0 of 5 used Submit