Current Attempt in Progress Lily 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 $3,000 per month 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year. 4 Purchased furniture and equipment costing $30,600. A cash payment of $12,000 was made immediately, the remainder wil 5. Paid $1,900 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 $1.200 on account Total revenues earned were $18.600-$7.600 cash and $11,000 on account Paid $300 to suppliers for accounts payable due Received $2,900 from customers in payment of accounts receivable. Received utility bills in the amount of $400, to be paid next month. 12 Paid the monthly salaries of the two employees, totaling $6,000 8. 9 10. 11. (a) tv MacBook Air 80 FB 10 4 3 $ 4 % 5 6 & 7 8 9 0 E R T Y J U I O D F G H J L V B N V M Prepare a trial balance as of May 31, 2020 LILY SERVICES Trial Balance May 31, 2020 Debit Credit Dre Vie MacBook Air 888 # 3 $ 4 % 5 & 7 9 6 8 2 0 W R T Y U Q E A D S F H G M N B V N X C all