Transactions on May 1:1 1. Jay Bradford invested $40,000 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 $3,200 per month. Signed a 2-year rental agreement on a warehouse; paid $22,000 cash in advance for the first year. Purchased furniture and equipment costing $29,400. A cash payment of $10,000 was made immediately; the remainder will b Paid $1,800 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 $1,500 on account. 8. Total revenues earned were $19,400-$7,400 cash and $12,000 on account. 9. Paid $500 to suppliers for accounts payable due. 10. Received $3,000 from customers in payment of accounts receivable. 11. 12. Paid the monthly salaries of the two employees, totaling $6,400. Received utility bills in the amount of $500, to be paid next month.