Concord 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 $2,500 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $20,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $31,000. A cash payment of $12,000 was made immediately; the remainder will b 5. Paid $1,800 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 $1,400 on account. 8. Total revenues earned were $19,000$8,000 cash and $11,000 on account. 9. Paid $300 to suppliers for accounts payable due. 10. Received $3,200 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $400, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $5,000. Trial Balance For the Quarter Ended May 31, 2022 For the Year Ended May 31, 2022 Credit May 31, 2022 $
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