Current Attempt in Progress

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

Transactions on May $1$:

Jay Bradford invested $$41,000$ cash in the company, as its sole owner.

Hired two employees to work in the warehouse. They will each be paid a salary of $$2,900$ per month.

Signed a $2-$year rental agreement on a warehouse; paid $$25,000$ cash in advance for the first year.

Purchased furniture and equipment costing $$30,000.$ A cash payment of $$12,000$ was made immediately; the remainder will b

Paid $$2,000$ cash for a one$-$year insurance policy on the furniture and equipment.

Transactions during the remainder of the month:

Purchased basic office supplies for $$600$ cash.

Purchased more office supplies for $$1,300$ on account.

Total revenues earned were $$18,000-$$$7,000$ cash and $$11,000$ on account.

Paid $$300$ to suppliers for accounts payable due.

Received $$3,300$ from customers in payment of accounts receivable.

Received utility bills in the amount of $$500,$ to be paid next month.

Paid the monthly salaries of the two employees, totaling $$5,800.$