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Question Two: (40 points) Santa Ana Services was formed on May 1, 2017. The following...

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Question Two: (40 points) Santa Ana Services was formed on May 1, 2017. The following transactions took place during the first month. May 1 Santa Ana invested $40,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,050 per month. 1 Purchased equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months. 6 Withdrew $1,100 for buying a personal car. 10 7 Purchased basic office supplies for $500 cash. Purchased more office supplies for $1,500 on account. 12 Performed services for $20,000---receiving $8,000 cash and $12,000 on account. 15 Paid $400 to suppliers for accounts payable due. 17 Received $3,000 from customers in payment of accounts receivable. 22 Received utility bills in the amount of $350, to be paid next month. 31 Paid the monthly salaries of the two employees, totalling $6,100. Instructions: (a) Prepare journal entries to record each of the above transactions. (b) Post the journal entries to T-accounts. (c) Prepare a trial balance as of May 31, 2017

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