5) Kate Browne engaged in the following activities in establishing her salon, Hair l1 Is: 1. Opened a bank account in the name of Hair it is and deposited $20,000 of her own money in this account as her initial investment. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of $4,800. 3. Interviewed three people for the position of hair stylist. Prepare the entries to record the transactions. The three activities would be recorded as follows. I. Cash 2. Equinrnent 3