Waterway Services was formed on May 1, 2022. The following transactions took place during the first month.

1.		Jay Bradford invested $ 52,000 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 $ 3,965 per month.
3.		Paid $ 1,300 for warehouse rent for May.
4.		Purchased equipment costing $ 39,000. A cash payment of $ 13,000 was made immediately; the remainder will be paid in 6 months.
5.		Purchased a one-year insurance policy for $ 3,120.
6.		Purchased basic office supplies for $ 546 cash.
7.		Purchased more office supplies for $ 1,950 on account.
8.		Total revenues were $ 26,000$ 10,400 cash and $ 15,600 on account.
9.		Paid $ 520 to suppliers for accounts payable due.
10.		Received $ 3,900 from customers in payment of accounts receivable.
11.		Received utility bills in the amount of $ 494, to be paid next month.
12.		Paid the monthly salaries of the two employees, totaling $ 7,930. Assets Liabilities Owner's Equity Cash Accounts Receivable Prepaid Insurance Supplies Equipment = Accounts Payable +owners capital Service revenue DR CR DR CR DR CR DR CR DR CR DR CR DR CR DR CR Salaries and Wages Expense Rent Expense Utilites Expense DR CR DR CR DR CR