Problem 2-3A (Part Level Submission)

Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month.

Transactions on May 1:
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.		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 $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. Prepare a trial balance as of May 31, 2017.