Answered Essay: The first photonisnall the info needed to make a trial balance. Correct the red boxes.

The first photonisnall the info needed to make a trial balance. Correct the red boxes.
ㄨㄧ-AC231-60 FA17 Syaabus2), edugen a chapter One-2017FA-AC- I- T Accounts Return to Blackboard gandt, Accounting Principles, 12e Problem 2-3A (Part Level Submission) Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month Transactions on May 3 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 $3,000 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 $30,600. A cash payment of $12,000 was made Immedietely; the remainder will be paid in 6 months 5. Paid $1,900 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 omee supplies for 1,200 on account. 8. Total revenues earned were $18,600-$7,600 cash and s11,000 on account. . Paid $300 to suppliers for accounts payable due. 10. Received $2,900 from customers in payment of accounts recelvable. 11. Received ubility bills in the amount of $400, to be paid next month 12. Pald the monthly salaries of the two employees, totaling $6,000. ▼ (a) Your answer is correct. 8 4 OWE RTYU O P
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ㄨㄧ-AC231-60 FA17 Syaabus2), edugen a chapter One-2017FA-AC- I- T Accounts Return to Blackboard gandt, Accounting Principles, 12e Problem 2-3A (Part Level Submission) Maquoketa Services was formed on May 1, 2017. The following transactions took place during the first month Transactions on May 3 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 $3,000 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 $30,600. A cash payment of $12,000 was made Immedietely; the remainder will be paid in 6 months 5. Paid $1,900 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 omee supplies for 1,200 on account. 8. Total revenues earned were $18,600-$7,600 cash and s11,000 on account. . Paid $300 to suppliers for accounts payable due. 10. Received $2,900 from customers in payment of accounts recelvable. 11. Received ubility bills in the amount of $400, to be paid next month 12. Pald the monthly salaries of the two employees, totaling $6,000. ▼ (a) Your answer is correct. 8 4 OWE RTYU O P

Expert Answer

 

MAQUOKETA SERVICES
Trial Balance
31-May-17
Debit Credit
Cash $6,800 (41000-6000-24000-12000-1900-500+7600-300+2900)
Accounts Receivable 8,100 (11000-2900)
Supplies 1,700
Prepaid Insurance 1,900
Prepaid Rent 24,000
Equipment 30,600
Accounts Payable           19,900 (30600-12000+1200-300+400)
Owner’s Capital           41,000
Service Revenue           18,600
Salaries and wages expenses 6,000
Utilities Expenses 400
Totals $79,500 $79,500
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