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Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. Jay Brad Ford 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 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. 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. Received utility bills in the amount of $380, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $6,100