Vince Serrano started Serrano Catering Service, and during the first month of operations (January 20X7), he completed the following selected transactions:

a. Serrano began the business with an investment of $23,000 cash and a van (automobile) valued at $13,000. The business gave Serrano owner's equity in the business.

b. Borrowed $25,000 from the bank; signed a note payable.

c. Paid $32,000 for food-service equipment.

d. Purchased supplies on account. $400.

e. Paid employee's salary, $1,300.

f. Received $800 for a catering job performed for customers. g. Received an $800 bill for advertising expense that will be paid in the near future. h. Paid $100 of the account payable created in transaction (d). i. Performed service at a wedding on account. $3,300. j. Received cash on account. $1,100. k. Paid the following cash expenses: (1) Rent. $1,000. (2) Insurance. $600. 1. Withdrew $2,600 for personal use. Required 1. Open the following T-accounts: Cash; Accounts Receivable: Supplies: Food-Service Equipment; Automobile; Accounts Payable; Note Payable; Vince Serrano, Capital; Vince Serrano, Withdrawals; Service Revenue: Salary Expense; Rent Expense: Advertising Expense: Insurance Expense. 2. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. 3. Prepare the trial balance of Serrano Catering Service at January 31, 20X7.