ACCT20-Assignment # 1 There were following activities occurred during the first month of Babara Schmidt's new hair cutting business called The Cutlery: a. On August1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned. b. On August1, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $2,000 cash for furniture for the shop. d. On August3, she paid $3,200 cash to rent space in a strip mall for August. e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $21,000. This amount is to be repaid in three equal payments at the end of August, September, and October. f. On August15, Cash receipts from haircutting services provided in the first week and a half of business (ended August15) were $1,100. g. On August 15, Schmidt provided haircutting services on account for $750. h. On August17, Schmidt received a $750 cheque in the mail for services previously rendered on account.