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. (a) Your answer is partially correct. Prepare journal entries to record each of the events listed. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles 1. Cash Owner's Capital 2. No entry Debit Credit 41000 24000 3. Prepaid Rent 24000 Cash 4. Equipment Cash Accounts Payable 5. Prepaid Insurance Cash 6. Supplies 30600 1900 500 41000 24000 24000 12000 18600 1900