Lily Services was formed on May 1, 2022. The following transactions took place during the first month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Jay Bradford invested $34,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $2,593 per month. Paid $850 for warehouse rent for May. Purchased equipment costing $25,500. A cash payment of $8,500 was made immediately; the remainder will be paid in 6 months. Purchased a one-year insurance policy for $2,040. Purchased basic office supplies for $357 cash. Purchased more office supplies for $1,275 on account. Total revenues were $17,000-$6,800 cash and $10,200 on account. Paid $340 to suppliers for accounts payable due. Received $2,550 from customers in payment of accounts receivable. Received utility bills in the amount of $323, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,186. Prepare a transaction analysis using T-accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Dr. Cash Cr. Dr. Accounts Receivable Cr. 11. 12. Balance Totals Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Assets Prepaid Insurance Cr. Dr. Supplies Cr. - / 20 13 Question 5 of 5 < Dr. > Prepare a transaction analysis using T-accounts. Equipment Cr. Dr. Liabilities Accounts Payable - / 20 Cr. ||| + : Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Owner's Capital Cr. MOD Dr. Service Revenue - / 20 Cr. !!! Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Owner's Equity Salaries and Wages Expense Dr. Cr. Dr. Rent Expense - / 20 Cr. : Dr. - / 20 Utilities Expense Cr. Lily Services was formed on May 1, 2022. The following transactions took place during the first month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Jay Bradford invested $34,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $2,593 per month. Paid $850 for warehouse rent for May. Purchased equipment costing $25,500. A cash payment of $8,500 was made immediately; the remainder will be paid in 6 months. Purchased a one-year insurance policy for $2,040. Purchased basic office supplies for $357 cash. Purchased more office supplies for $1,275 on account. Total revenues were $17,000-$6,800 cash and $10,200 on account. Paid $340 to suppliers for accounts payable due. Received $2,550 from customers in payment of accounts receivable. Received utility bills in the amount of $323, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,186. Prepare a transaction analysis using T-accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Dr. Cash Cr. Dr. Accounts Receivable Cr. 11. 12. Balance Totals Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Assets Prepaid Insurance Cr. Dr. Supplies Cr. - / 20 13 Question 5 of 5 < Dr. > Prepare a transaction analysis using T-accounts. Equipment Cr. Dr. Liabilities Accounts Payable - / 20 Cr. ||| + : Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Owner's Capital Cr. MOD Dr. Service Revenue - / 20 Cr. !!! Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Owner's Equity Salaries and Wages Expense Dr. Cr. Dr. Rent Expense - / 20 Cr. : Dr. - / 20 Utilities Expense Cr. Lily Services was formed on May 1, 2022. The following transactions took place during the first month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Jay Bradford invested $34,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $2,593 per month. Paid $850 for warehouse rent for May. Purchased equipment costing $25,500. A cash payment of $8,500 was made immediately; the remainder will be paid in 6 months. Purchased a one-year insurance policy for $2,040. Purchased basic office supplies for $357 cash. Purchased more office supplies for $1,275 on account. Total revenues were $17,000-$6,800 cash and $10,200 on account. Paid $340 to suppliers for accounts payable due. Received $2,550 from customers in payment of accounts receivable. Received utility bills in the amount of $323, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,186. Prepare a transaction analysis using T-accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Dr. Cash Cr. Dr. Accounts Receivable Cr. 11. 12. Balance Totals Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Assets Prepaid Insurance Cr. Dr. Supplies Cr. - / 20 13 Question 5 of 5 < Dr. > Prepare a transaction analysis using T-accounts. Equipment Cr. Dr. Liabilities Accounts Payable - / 20 Cr. ||| + : Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Owner's Capital Cr. MOD Dr. Service Revenue - / 20 Cr. !!! Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Owner's Equity Salaries and Wages Expense Dr. Cr. Dr. Rent Expense - / 20 Cr. : Dr. - / 20 Utilities Expense Cr. Lily Services was formed on May 1, 2022. The following transactions took place during the first month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. Jay Bradford invested $34,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $2,593 per month. Paid $850 for warehouse rent for May. Purchased equipment costing $25,500. A cash payment of $8,500 was made immediately; the remainder will be paid in 6 months. Purchased a one-year insurance policy for $2,040. Purchased basic office supplies for $357 cash. Purchased more office supplies for $1,275 on account. Total revenues were $17,000-$6,800 cash and $10,200 on account. Paid $340 to suppliers for accounts payable due. Received $2,550 from customers in payment of accounts receivable. Received utility bills in the amount of $323, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,186. Prepare a transaction analysis using T-accounts. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. Dr. Cash Cr. Dr. Accounts Receivable Cr. 11. 12. Balance Totals Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Assets Prepaid Insurance Cr. Dr. Supplies Cr. - / 20 13 Question 5 of 5 < Dr. > Prepare a transaction analysis using T-accounts. Equipment Cr. Dr. Liabilities Accounts Payable - / 20 Cr. ||| + : Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Dr. Owner's Capital Cr. MOD Dr. Service Revenue - / 20 Cr. !!! Question 5 of 5 < > Prepare a transaction analysis using T-accounts. Owner's Equity Salaries and Wages Expense Dr. Cr. Dr. Rent Expense - / 20 Cr. : Dr. - / 20 Utilities Expense Cr.