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 $3,500 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 $30,900. A cash payment of $10,000 was made immediately 5. Paid $1,900 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 $500 cash. 7. Purchased more office supplies for $1,400 on account. 8. Total revenues earned were $20,900-$8,900 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 $400, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $7,000. (a) Prepare journal entries to record each of the events listed. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) No. Account Titles Debit Credit 1. Cash Owner's Capital 2. Rent Expense Cash 3. Equipment Accounts Payable 4. 5 . 5. 6. 7. 8. 9. 10. 11 1 9. 10. 11. 12. Post the transactions to T-accounts. (Post entries in the order presented in the pro enter o for the normal balance for the account.) Cash 4 . . Accounts Receivable Supplies > Equipment . Accounts Payable * 4 4 un'ermit Owner's Capital A 4 Service Revenue 4 > 4 Advertising Expense A A Salaries And Wages Expense A A 4 Maintenance & Repairs Expense > Prepare a trial balance at October 31, 2022. LILY COMPANY, INC. Trial Balance 4 Debit Credit $ stion 1 of 1 6.6 $ $