Assume you are interviewing for a part-time accounting job at Soda Pink Inc., and the interviewer gives you the following list of company transactions in September 2019.

Sep 1 Received $200,000 for capital stock issued.

2 Paid $23,000 cash to employee for wages earned in September 2019.

4 Purchased $75,000 of equipment on account.

5 Paid utilities of $1,800 for September 2019.

9 Paid $1,500 cash for Septembers insurance premium.

11 Provided services for $70,000, with $20,000 received in cash and the remaining balance on credit.

15 Purchased $5,000 of supplies on account.

21 Received $25,000 from customers as payments on their accounts.

25 Paid $77,500 of accounts payable.

Required:

1. Journalize each of the transactions for September.
2. Set up T-accounts, and post each of the journal entries made in (a).
3. If the business owners wanted to know at any given time how much cash the company had, where would you tell the owners to look? Why?