CALCULATOR Problem 2-03A a c (Part Level Submission) Sheffield Services was formed on May 1, 2020. The following transactions took place during the first month. Transactions on May 1: 1. Jay Bradford invested $41,000 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 $2,900 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $25,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $30,000. A cash payment of $12,000 was made immediately; the remainder will be paid in 6 months. 5. Paid $2,000 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 $1,300 on account. 8. Total revenues eamed were $18,000-$7,000 cash and $11,000 on account. 9. Pald $300 to suppliers for accounts payable due. 10. Received $3,300 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $500, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $5,800. No. Account Titles Debit Credit 1. Cash 41,000 Owner's Capital 41,000 2 No Entry No Entry 3. Prepaid Rent 25,000 Cash 25,000 30,000 Cash 12,000 Accounts Payable 18,000 5. Prepaid Insurance 2,000 Cash 2,000 600 Cash 600 7. 1,300 Accounts Payable 1,300 8. Cash 7,000 > Accounts Receivable 11,000 Service Revenue 18,000 9. Accounts Payable 300 Cash 3001 10. Cash 3,300 Accounts Receivable 3,300 11. Utilities Expense 500 500 12 5,800 Cash 5,800