Sheffield Services was formed on May 1, 2022. 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. 3. 4. 5. Hired two employees to work in the warehouse. They will each be paid a salary of $2,900 per month. Signed a 2-year rental agreement on a warehouse; paid $25,000 cash in advance for the first year. Purchased furniture and equipment costing $30,000. A cash payment of $12,000 was made immediately; the remainder will b Paid $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. 8. Total revenues earned were $18,000-$7,000 cash and $11,000 on account. 9. 10. 00 11. 12 12. Paid $300 to suppliers for accounts payable due. Received $3,300 from customers in payment of accounts receivable. Received utility bills in the amount of $500, to be paid next month. Paid the monthly salaries of the two employees, totaling $5,800. No. Account Titles Debit 2. 3. 5. 6. 7 8. Credit