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

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 $3,050 per month.
3. Paid $1,000 for warehouse rent for May.
4. Purchased equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months.
5. Purchased a one-year insurance policy for $2,400.
6. Purchased basic office supplies for $420 cash.
7. Purchased more office supplies for $1,500 on account.
8. Total revenues were $20,000—$8,000 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 $380, to be paid next month.
12. Paid the monthly salaries of the two employees, totaling $6,100.
Maquoketa Services uses the following chart of accounts: Cash, Accounts Receivable, Supplies, Prepaid Insurance, Equipment, Accounts Payable, Owner’s Capital, Service Revenue, Salaries and Wages Expense, Rent Expense, and Utilities Expense.

Instructions
Prepare a transaction analysis using T-accounts.