As president and sole stockholder, Kate Browne engaged in the following activities in establishing her beauty salon, Hair It Is, Inc.
1. Opened a bank account in the name of Hair It Is, Inc. and deposited $20,000 of her own money in this account in exchange for shares of common stock.
2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,800.
3. Interviewed three applicants for the position of beautician.
In what form (type of record) should Hair It Is, Inc., record these three activities? Prepare the entries to record the transactions.