*.Paid Khalid Retail Store $ 400 Store Bank O Cash Account payable * Paid Salaries Expense $5,000 Paid o Cash Salaries Bank Hashim Khan, the owner, invested $ 88,500 cash and $ 42,500 of photography * .equipment in the business Equipment Cash Photography Bank Paid $ 8.000 cash for an insurance policy * .covering the next 24 months Rent Paid insurance Equipment Cash