Sheffield Services was formed on May $1,2022.$ 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 $$3,300$ per month.

$3$

Signed a $2-$year rental agreement on a warehouse; paid $$23,000$ cash in

advance for the first year.

$4$

Purchased furniture and equipment costing $$29,700.$ A cash payment of

$$10,000$ was made immediately; the remainder will be paid in $6$ weeks.

$5$

Paid $$1,600$ 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 $$1,600$ on account.

$8$ Total revenues earned were $$19,700$$$8,700$ cash and $$11,000$ on account.

$9$ Paid $$300$ to suppliers for accounts payable due.

$10$ Received $$2,800$ 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 $$6,600.$

a$.$ Journalize the

transactions.

b$.$ Post the transactions to T$-$accounts.