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need help solving 2 Transactions on May 1: 1. Jay Bradford invested $41,000 cash in the company, as its sole owner 2. Hired two employees
need help solving 2
Transactions on May 1: 1. Jay Bradford invested $41,000 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 $2,600 per month 3. Signed a 2-year rental agreement on a warehouse paid $21,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $20,600. A cash payment of $10,000 was made immediately, the remainder will be paid in 6 months 5. Paid $2,000 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 5500 cash 7. Purchased more orice supplies for $1.500 on account 3. Total revenues earned were $10.600-57.600 cash and $11,000 on account 9. Pald 5500 to suppliers for accounts payable due 10. Received $3,100 from customers in payment of accounts receivable 11. Received utility bills in the amount of $400, to be paid next month 12. Pald the monthly salaries of the two employees, totaling 55,200. (a) No. Account Titles Debit Credit 1. Cash 41000 Owner's Capital 41000 2. 3. Prepaid Rent 21000 Cash 21000 4. Equipment 28600 Accounts Payable 18600 Cash 10000 5. Prepaid Insurance 2000 Cash 2000 6. Supplies 500 earch O Step by Step Solution
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