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 $20,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $28,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 mont 5. Paid $1,500 cash for a one-year insurance policy on the furniture and equipment. 6. Purchased basic office supplies for $400 cash. 7. Purchased more office supplies for $1,200 on account. 8. Total revenues earned were $18,000-$7,000 cash and $11,000 on account. 9. Paid $300 to suppliers for accounts payable due. 10. Received $2,800 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. At the end of its first year, the trial balance of Bronowski Comparw shows Equipment 10,500 andere balances in Accumulated Depreciation-uoment and Depreciation Expense. Depreciation for the year is estimated to be $5,000. Prepare the adjusting entry for depreciation at December 31. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Date Dec. 31 Post the adjustments to T-accounts. Depreciation Expense Accumulated Depreciation Equipment Indicate the balance sheet presentation of the equipment at December 31 Bronowski Company Balance Sheet (Partial)