Maquoketa Services was formed on May 1, 2022. The following transactions took place during the first month. 1. Jay Bradford invested $40,000 cash in the company, as its sole owner. 2. 3. 4. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. Paid $1,000 for warehouse rent for May. Purchased equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months. 5. Purchased a one-year insurance policy for $2,400. 6. Purchased basic office supplies for $420 cash. 7. Purchased more office supplies for $1,500 on account. 8. Total revenues were $20,000-$8,000 cash and $12,000 on account. 9. Paid $400 to suppliers for accounts payable due. 10. 11. 12. Received $3,000 from customers in payment of accounts receivable. Received utility bills in the amount of $380, to be paid next month. Paid the monthly salaries of the two employees, totaling $6,100. Prepare a transaction analysis using T-accounts.