Question

4.Maquoketa Services was formed on May 1, 2019. 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 $3,050 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $24,000 cash in advance for the first year. 4. Purchased furniture and equipment costing $30,000. A cash payment of $10,000 was made immediately; the remainder will be paid in 6 months. 5. Paid $1,800 cash for a one-year insurance policy on the furniture and equipment.6. Purchased basic office supplies for $2420 cash. 7. Purchased more office supplies for $1,500 on account. 8. Total revenues earned were $20,000—$8,000 cash and $12,000 on account. 9. Paid $400 to suppliers for accounts payable due. 10. Received $3,000 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $380, to be paid next month. 12. Paid the monthly salaries of the two employees, totaling $6,100Instructions: (a) Journalize and post the May transactions. (b) Prepare a trial balance at May 31.(c) Enter the following adjustments.(1) Unbilled and uncollected revenue for services performed at May 31 were $2,700. (2) Depreciation on equipment for the month was $500. (3) One-twelfth of the insurance expired. (4) An inventory count shows $600 of cleaning supplies on hand at May 31. (5) Accrued but unpaid employee salaries were $1,000. (d) Prepare adjusted trial balance(e) Prepare the income statement and owner’s equity statement for May and a balance sheet at May 31.

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