ncgeuuns.net:8088/pluginfile.php/63882/mod resource/content/1/ReviewChapt.3... Demonstration Problem The following activities occurred during the first month of Barbara Schmidt's new hair cutting business called The Cutlery: a. On August 1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned b. On August 1, Schmidt paid $600 cash for six months of insurance effective immediately