During May 2010, the following events occurred: (a) Peavy received $13,000 as a gift and deposited the cash in the business bank account. (b) He paid off the beginning balance of accounts payable. (c) He performed services for a client and received cash of $1,000. (d) He collected cash from a customer on account, $750. (e) Peavy purchased supplies on account, $720 (f) He consulted on the interior design of a major office building and billed the client for services rendered, $5,500 (g) He invested personal cash of $1,600 in the business. (h) He recorded the following business expenses for the month: 1) Paid office rent, $1,100. 2) Paid advertising, $650. () Peavy sold supplies to another interior designer for $80 cash, which was the cost of the supplies. 0) He withdrew cash of $4,000 for personal use