Question 15 Flint Corporation was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1: 1. 2. 3. 12345F6 Shareholders invested 48,800 cash in exchange for ordinary shares. Hired two employees to work in the warehouse. They will each be paid a salary of 3,032 per month. Signed a 2-year rental agreement on a warehouse; paid 24,100 cash in advance for the first year. Purchased furniture and equipment costing 31,170. A cash payment of 6,250 was made immediately; the remainder will be paid in 6 months. Paid 1,789 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 953 cash. Purchased more office supplies for 1,173 on account. Paid 413 to suppliers for accounts payable due. 7. 8. Total revenues recognized were 17,120-E5,380 cash and 11,740 on account. 9. Received E3,130 from customers in payment of accounts receivable. Received utility bills in the amount of 270, to be paid next month. 12. Paid the monthly salaries of the two employees, totalling 6,064. 10. 11. Prepare journal entries to record each of the events listed. (Record entries in the order displayed in the problem statement. If no entry is requirea titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Trans. Account Titles and Explanation Debit Credit 1. 2. 1 Ihn Wiley & Sons Inc All Rights Reserved. A Division of John Wiley & Sons, Inc.