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Sunland Services was formed on May 1, 2022. The following transactions took place during the first month. 1 3. 5. Transactions on May 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 $ 2,600 per month Signed a 2-year rental agreement on a warehouse; paid $ 20,000 cash in advance for the first year. Purchased furniture and equipment costing $ 33,300. A cash payment of $ 12,000 was made immediately, the remainder will 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 $ 500 cash. 7. Purchased more office supplies for $ 1,200 on account. 8. Total revenues earned were $ 21,300-$ 8,300 cash and $ 13,000 on account Paid $ 500 to suppliers for accounts payable due. Received $3,400 from customers in payment of accounts receivable. Received utility bills in the amount of $ 300, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,200, 9. 10. 12 17.11/26 Question 3 of 20 !! SUNLAND SERVICES Trial Balance Debit Credit Cash $ $ Equipment 33300 Prepaid Rent 20000 Prepaid Insurance 2000 Accounts Receivable Owner's Capital 41000 Accounts Payable Supplies Untitled docume.pdf Sunland Services was formed on May 1, 2022. The following transactions took place during the first month. 1 3. 5. Transactions on May 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 $ 2,600 per month Signed a 2-year rental agreement on a warehouse; paid $ 20,000 cash in advance for the first year. Purchased furniture and equipment costing $ 33,300. A cash payment of $ 12,000 was made immediately, the remainder will 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 $ 500 cash. 7. Purchased more office supplies for $ 1,200 on account. 8. Total revenues earned were $ 21,300-$ 8,300 cash and $ 13,000 on account Paid $ 500 to suppliers for accounts payable due. Received $3,400 from customers in payment of accounts receivable. Received utility bills in the amount of $ 300, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,200, 9. 10. 12 17.11/26 Question 3 of 20 !! SUNLAND SERVICES Trial Balance Debit Credit Cash $ $ Equipment 33300 Prepaid Rent 20000 Prepaid Insurance 2000 Accounts Receivable Owner's Capital 41000 Accounts Payable Supplies Untitled docume.pdf