P2-3B Slowhand Services was formed on May 1, 2010.The following transactions took place during the first month. Transactions on May 1: 1. Eric Clapton invested $50.000 cash in the company. as its sole...

P2-3B Slowhand Services was formed on May 1, 2010.The following transactions took place during the first month. Transactions on May 1: 1. Eric Clapton invested $50.000 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 $2.800 per month. 3. Signed a 2-year rentalagreemenlon a warehouse; paid $24,000 cashin 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-yearinsurance policy on the furniture and equipment 6. Purchased basic office supplies for $500 cash. 7. Purchased more office supplies for $1.500 on account. S. Total revenues earned were $20.000-$8.000 cash and $12.000 on account. 9. Paid $400 to suppliers for accounts payahle due. 10. Received $3.000 from cusTomers m paymcrn of accounts receivablc. Il. Received utility bills in the amount of $200.to be paid next month. 12. Paid the monthly salaries of the two employees,totalIing $5.600.