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Question 1

Bridgeport Corp. was formed on May 1, 2017. The following transactions took place during the first month.

Transactions on May 1:
1.		Shareholders invested 49,000 cash in exchange for ordinary shares.
2.		Hired two employees to work in the warehouse. They will each be paid a salary of 2,935 per month.
3.		Signed a 2-year rental agreement on a warehouse; paid 26,280 cash in advance for the first year.
4.		Purchased furniture and equipment costing 29,880. A cash payment of 5,920 was made immediately; the remainder will be paid in 6 months.
5.		Paid 1,732 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 933 cash.
7.		Purchased more office supplies for 1,275 on account.
8.		Total revenues recognized were 17,2005,350 cash and 11,850 on account.
9.		Paid 415 to suppliers for accounts payable due.
10.		Received 3,180 from customers in payment of accounts receivable.
11.		Received utility bills in the amount of 261, to be paid next month.
12.		Paid the monthly salaries of the two employees, totalling 5,870.