Weygandt, Accounting Principles, 12e Help I System Announcements (1 Unread) Problem 2-3A Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month. Transactions on May 1 1. Jay Brad Ford 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 s3,500 per month. 3. signed a 2-year rental agreement on a warehouse; paid s24,000 cash in advance for the first year. 4. purchased furniture and equipment costing $30,9oo. A cash payment of s10,000 was made immediately: the remainder will be paid in 6 months. 5. Paid s1,900 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 s20,9oo-s8,9oo cash and s12,000 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. Your answer is partially correct. Try again. Prepare journal entries to record each of the events listed. (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.) 11:22 P