Transactions on May $1$:

Jay Bradford invested $$39,000$ cash in the company, as its sole owner.

Hired two employees to work in the warehouse. They will each be paid a salary of $$3,000$ per month.

Signed a $2-$year rental agreement on a warehouse; paid $$20,000$ cash in advance for the first year.

Purchased furniture and equipment costing $$30,700.$ A cash payment of $$12,000$ was made immediately; the remainder will be paid in $6$ weeks.

Paid $$1,700$ cash for a one$-$year insurance policy on the furniture and equipment.

Transactions during the remainder of the month:

Purchased basic office supplies for $$500$ cash.

Purchased more office supplies for $$1,200$ on account.

Total revenues earned were $$18,700-$$$7,700$ cash and $$11,000$ on account.

Paid $$400$ to suppliers for accounts payable due.

Received $$3,000$ 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 $$6,000.$