Foot and Balance T Accounts Unda Kipp started a business on May 1, 20-.. Transactions for the first month of business have been analyzed using T accounts. a. Invested cash in the business, $7,000. b. Bought equipment for cash, $800. c. Bought equipment on account, $700. d. Paid cash on account for equipment purchased in transaction (c), $400. e. Withdrew cash for personal use, $700. Equipment b. c. 800 Bal. 700 Accounts Payable Linda Kipp, Capital a. 7,000 Linda Kipp, Drawing e. 700