Problem 2-03A a-c (Part Level Submission) Sheffield Services was formed on May 1, 2020. The following transactions took place during the first month. 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 $2,900 per month 3. Signed a 2 year rental agreement on a warehouse; paid $25,000 cash in advance for the first year 4. Purchased furniture and equipment costing $30,000. A cash payment of $12,000 was made immediately the remainder will be paid in 6 months 5. Pald $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 $600 cash. 7. Purchased more office supplies for $1,300 on account 3. Total revenues eamed were $18,000-$7,000 cash and $11,000 on account. 9. Pald 5300 to suppliers for accounts payable due. 10. Received $3,300 from customers in payment of accounts receivable 11. Received utility bills in the amount of $500. to be paid next month 12. Pald the monthly salaries of the two employees, totaling 55,800 dy Post the journal entries to T-accounts. (Post entries in the order of journal entries presented in the previous gu Cash v > > > Supplies Prepaid Insurance Prepaid Rent Equipment Accounts Payable Owner's Capital Owner's Capital V Service Revenue v Salaries and Wages Expense Utilities Expense DIE