Henry Fox has started his own taxi service. During the first month, the following transactions occurred. (a) Fox invested $120,000 cash in the business. (b) Cellular phone equipment was purchased with cash for $1,800. (c) Fox purchased a taxi by paying $3,000 cash and $27,000 on account. (d) Fox paid a cell phone bill for the first month, $100. (e) A $500 payment was made on account for the taxi. (f) Fox received $4,700 from customers. (g) At the end of the month, Fox owed Best Bookkeeping $450 for bookkeeping services received. Instructions 1. Record the above transactions in the T accounts provided below. The first transaction, (a), has been completed for you. 2. Foot and balance the accounts. 3. Prove debits equal credits. To "prove" means to list the debit balances, add them up, and list the credit balances and add them up. The total must be equal. If it's not, first check your math - did you add correctly? If your math is correct, review your debits and credits for each transaction. Cash Accounts Payable H. Fox, Capital (a) 120,000 (a) 120.000 Phone Expense Bookkeeping Expense Cell Phone Equipment Taxi Service Revenue Taxi