Create a journal entry, t account and trial balanceMaquoketa Services was formed on May 1, 2017. 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 $2,500 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 $33,000. A cash payment of $12,000 was made immediately; the remainder will be paid in 6 months.5. Paid $1,600 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 $600 cash.7. Purchased more office supplies for $1,600 on account.8. Total revenues earned were $21,000—$8,000 cash and $13,000 on account.9. Paid $400 to suppliers for accounts payable due.10. Received $2,800 from customers in payment of accounts receivable.11. Received utility bills in the amount of $400, to be paid next month.12. Paid the monthly salaries of the two employees, totaling $5,000.

Total balance of debit in trial balance = Total balance of credit in trial balance

Explanation:

                                             Maquoketa service

                                                  Journal entry

1. Dr Cash  40000

     Cr   Capital- Jayford   40000

  (Investment in company)

2. Dr Salary expense  5000

       Cr Salary payable        5000

   (Salary expense for the m/o of may-2017 @$2500 each)

3. Dr prepaid rent   24000

       Cr  Cash                24000

  ( Paid advance rent for warehouse)

4. Dr Furniture and equipment 33000

         Cr    Cash                                      12000

         Cr    Accounts payable                21000

     (Purchase furniture and equipment on cash and on account)

5.  Dr Prepaid insurance   1600

           Cr   Cash                        1600

      ( Purchase one year insurance policy of furniture ad equipment)

6. Dr office supplies    600

          Cr   Cash                600

     (Purchase basic office supplies)

7. Dr Office supplies  1600

        Cr  Accounts payable    1600

    ( Purchase office supplies on account)

8. Dr  Cash                         8000

     Dr Account receivable  13000

       Cr      Sales revenue              21000

   ( Revenue earned on cash and on account)

9. Dr Accounts payable  400

         Cr  Cash                      400

   ( Paid cash to supplier)

10. Dr Cash        2800

          Cr  Account receivable    2800

    ( Received cash from customer which was due)

11. Dr Utilities expense   400

        Cr utilities payable       400

    ( utility expense for the month)

12. Dr Salary payable   5000

          Cr  Cash       5000

     (Paid salary of 2 employee).

                                              Maquoketa service

                                                  T-account

       Cash                                                    Capital - Jayford

DrCr                           DR   CR

  40000     24000                                                   40000

                12000

               ---  1600

               ---  600

  8000    --- 400

  2800  ---  5000

    Salary expense                                             Salary payable

DrCr                       DR    Cr

  5000                                                      5000            5000

   Prepaid rent                                             Furniture and equipment

Dr Cr                        Dr        Cr

  24000                                            33000          

  Accounts payable                                         Prepaid insurance

DrCr___                               Dr        Cr_

           21000                                             1600            

            1600

   400          

  Office supplies                                           Account receivable

DrCr___                            Dr Cr

      600                                                    13000            

   1600                                                                          2800

  Utilities expense                                            Utilities payable

DrCr___                                     Dr   Cr__

   400                                                                         400

  Sales revenue                                            

DrCr                                        

            21000                                                                

                                      Maquoketa  Services

                                             Trial Balance

  Cash       7200                                                         40000  Capital-Jayford

  Salary expense  5000                                                       Salary payable

  Prepaid rent   24000                                           22200    Account payable

  Furniture and Equipment 33000                        400 Utilities payable

  Prepaid insurance   1600                                     21000    Sales revenue

  office supplies      2200                

   Account receivable  10200                

    utilities expense   400

Total Debits   83600                                  =    83600                Total credits                        

being born in poverty would limit the people's chances, opportunities and benefits.

this happen because of several things, such as:

- poor people tend to gain less access to good education and nutrition. this mean that their chance to obtain high paying jobs would also be limited.

- poor people tend to socialize with other poor people while the rich tend to socialize with other rich people. this means that simply throguh their social circle, rich people would have more business opportunities compared to the poor people.

- rich people tend to have more capital in their disposal. this would benefit them in business since it is far easier for them to fund their business operation compared to poor people.