P2-3A Santa Ana Services was formed on May 1, 2014. The following transactions took place during the first month. Transactions on May 1: 1. Don Humes 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 months. 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 $500 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. Received utility bills in the amount of $350, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $6,100. Instructions (a) Prepare a tabular analysis of the May transactions. (b) Prepare journal entries to record each of the events listed. (c) Post the journal entries to T-accounts. (d) Prepare a trial balance as of May 31, 2014. (e) Prepare an income statement for May, an owner's equity statement for May, and a balance sheet at May 31, 2014