3.Analyze the following transactions using the T account approach. Place the dollaramounts on the debit and credit sid es. Indicate next to each entry the number for that transaction.After all transactions have been recorded, foot the accounts where necessary and enter thebalance in the proper place for each account.1.Nick Bowman invested cash of $12,000 in the business.2.Received and paid utility bill of $125.3.Bought $300 of supplies on account.4.Sold services worth $2,500 to customers on account.5.Received cash payment of $800 from credit customers.