Problem 2-3B (note "Set B" problem and NOT "Set A"problems). Hillsborough Services was formed on May 1, 2022. The following transactions took place during the first month. Instructions: Journalize the transactions. (Omit explanations.) 1. Stockholders invested $50,000 cash in exchange for common stock. 2. Hired two employees to work in the warehouse. Each will be paid a salary of $2,800 per month. (HINT: is there an immediate financial impact hiring people who will begin working in the future?). 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year. 4. Bought equipment costing $28,000. (Paid $5,000 cash with rest to be paid in 6 months.) 5. Paid $2,640 cash for a one-year insurance policy on the equipment. 6. Purchased office supplies for $750 cash. 7. Purchased more office supplies for $1,300 on account. 8. Total revenues earned (and rec'd) were $18,000 ($6,000 in cash and $12,000 on account). 9. Paid $400 to suppliers for accounts payable due. 10. Received $3,200 from customers in payment of accounts receivable. (Hint: No revenue now since it was recognized when customer originally billed). 11. Received utility bills in the amount of $260, to be paid next month. (Hint: is there an expense (as in, "used up" this month) regardless of when I pay it?)