Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month. Transactions on May 1: 1 Jay Bradford invested $40,000 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 $3,050 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 $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 weeks. 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 $420 cash. 7. Purchased more office supplies for $1.500 on account. 8. Total revenues earned were $20,000-$8,000 cash and $12,000 on account. 9. Paid $400 to suppliers for accounts payable due 10. Received $3,000 from customers in payment of accounts receivable. 11. 12. Received utility bills in the amount of $380, to be paid next month, Paid the monthly salaries of the two employees, totaling $6.100. < > > < > Accounts Receivable Supplies Prepaid Insurance Prepaid Rent Equipment V Accounts Payable