View Policies Current Attempt in Progress Oriole Services was formed on May 1, 2022. The following transactions took place during the first month. Transactions on May 1: 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 $3,200 per month. 3. 4. 5. Transactions during the remainder of the month: Signed a 2-year rental agreement on a warehouse; paid $22,000 cash in advance for the first year. Purchased furniture and equipment costing $29.400. A cash payment of $10,000 was made immediately; the rema Paid $1,800 cash for a one-year insurance policy on the furniture and equipment. 6. Purchased basic office supplies for $600 cash. 7. Purchased more office supplies for $1,500 on account. 8. Total revenues earned were $19,400-$7,400 cash and $12,000 on account.