1. Hillsborough Services was formed on May 1, 2019. The following transactions took place during…

1. Hillsborough Services was formed on May 1, 2019. The following transactions took place during the first month.

Transactions on May 1.

1. Stockholders invested $50, 000 cash in exchange for common stock.

2. Hired two employees to work in the warehouse, They will each be paid a salary of $2800 per month.

3. Signed a 2-year rental agreement on a warehouse, paid $24,000 cash in advance for the first year.

4. Purchase furniture and equipment costing $ 28,000. A cash payment of $ 5000 was paid immediately; the remainder will be paid in 6 months.

5. Paid $, 640 cash for a one-year insurance policy on the furniture and equipment.

Transactions during the remainder of the month.

6, Purchase basic office supplies for $ 750 cash’

7. Purchase more office supplies for $1, 300 on account.

8. Total revenues earned were $ 18, 000- $6,000 cash and $12, 000 on account.

9. Paid $ 400 to suppliers for account payable due.

10. Received $ 3,200 from customers in payment of accounts receivable.

11. Received utility bills n the amount of $ 260, to be paid next month.

12. Paid the monthly salaries of the two employees, totaling $ 5,600.


(a). Prepared journal entries to record each of the events listed. ( Omit explanations.)

(b). Post the journal entries to T-accounts.

(c). Prepare a trial balance as of May 31, 2019.

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