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. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. 3. 4. 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. 10. 11. 2 12 Paid $400 to suppliers for accounts payable due. 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.