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

Transactions on May 1:
1.	Jay BradFord invested $39,000 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 $2,500 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 $29,700. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
5.	Paid $1,800 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 $400 cash.
7.	Purchased more office supplies for $1,200 on account.
8.	Total revenues earned were $19,700$8,700 cash and $11,000 on account.
9.	Paid $400 to suppliers for accounts payable due.
10.	Received $3,200 from customers in payment of accounts receivable.
11.	Received utility bills in the amount of $300, to be paid next month.
12.	Paid the monthly salaries of the two employees, totaling $5,000.