DO IT! Recording Business Activities Kate Browne engaged in the following activities in establishing her salon, Hair It 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 persons for the position of hair stylist, In what form (type of record) should Kate record these three activities? Prepare the entries to record the transactions