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Santa Ana Services was formed on May 1, 2014. The following transactions took place during the first month.

Transactions on May 1:

1. Don Humes invested $40,400 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 $2,540 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $25,900 cash in advance for the first year. 4. Purchased furniture and equipment costing $28,850. A cash payment of $10,200 was made immediately; the remainder will be paid in 6 months. 5. Paid $1,910 cash for a one-year insurance policy on the furniture and equipment. 6. Purchased basic office supplies for $440 cash. 7. Purchased more office supplies for $1,590 on account. 8. Total revenues earned were $18,650—$7,050 cash and $11,600 on account. 9. Paid $380 to suppliers for accounts payable due. 10. Received $3,090 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $390, to be paid next month. 12. Paid the monthly salaries of the two employees, totalling $5,080.
1. Don Humes invested $40,400 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 $2,540 per month. 3. Signed a 2-year rental agreement on a warehouse; paid $25,900 cash in advance for the first year. 4. Purchased furniture and equipment costing $28,850. A cash payment of $10,200 was made immediately; the remainder will be paid in 6 months. 5. Paid $1,910 cash for a one-year insurance policy on the furniture and equipment. 6. Purchased basic office supplies for $440 cash. 7. Purchased more office supplies for $1,590 on account. 8. Total revenues earned were $18,650—$7,050 cash and $11,600 on account. 9. Paid $380 to suppliers for accounts payable due. 10. Received $3,090 from customers in payment of accounts receivable. 11. Received utility bills in the amount of $390, to be paid next month. 12. Paid the monthly salaries of the two employees, totalling $5,080.
1. Don Humes invested $40,400 cash in the company, as its sole owner.
1.
Don Humes invested $40,400 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 $2,540 per month.
2.
Hired two employees to work in the warehouse. They will each be paid a salary of $2,540 per month.

3. Signed a 2-year rental agreement on a warehouse; paid $25,900 cash in advance for the first year.
3.
Signed a 2-year rental agreement on a warehouse; paid $25,900 cash in advance for the first year.

4. Purchased furniture and equipment costing $28,850. A cash payment of $10,200 was made immediately; the remainder will be paid in 6 months.
4.
Purchased furniture and equipment costing $28,850. A cash payment of $10,200 was made immediately; the remainder will be paid in 6 months.

5. Paid $1,910 cash for a one-year insurance policy on the furniture and equipment.
5.
Paid $1,910 cash for a one-year insurance policy on the furniture and equipment.

6. Purchased basic office supplies for $440 cash.
6.
Purchased basic office supplies for $440 cash.

7. Purchased more office supplies for $1,590 on account.
7.
Purchased more office supplies for $1,590 on account.

8. Total revenues earned were $18,650—$7,050 cash and $11,600 on account.
8.
Total revenues earned were $18,650—$7,050 cash and $11,600 on account.

9. Paid $380 to suppliers for accounts payable due.
9.
Paid $380 to suppliers for accounts payable due.

10. Received $3,090 from customers in payment of accounts receivable.
10.
Received $3,090 from customers in payment of accounts receivable.

11. Received utility bills in the amount of $390, to be paid next month.
11.
Received utility bills in the amount of $390, to be paid next month.

12. Paid the monthly salaries of the two employees, totalling $5,080.
12.
Paid the monthly salaries of the two employees, totalling $5,080.

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