Lily Services

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. Purchased furniture and equipment costing $30,600. A cash payment of $12,000 was made immediately; the remainder will b 5. 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. Date Account Titles and Explanation Debit Credit Accounts Payable Service Revenue Salaries and Wages Expense Utilities Expense Prepare a trial balance as of May 31, 2022 LIYSERMICES Trial Balance Debit Credit $ $ Totals $ $