Slow hand Services was formed on May 1, 2016. The following transactions took place during the first month. Transactions on May 1. Eric Clapton invested $50,000 cash in the company, as its sole owner. 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. 6. Purchased basic office supplies for $500 cash. 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 $200, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $5,600. Instructions (a) Prepare journal entries to record each of the events listed (With proper explanations), post to ledger account and make the unadjusted trail balance for the month of May