Problem 2-3 Teresa McLaurin opened a beauty shop on October 1, 20XX. The owner Teresa McLaurin invested $50,000 in the business. Hired a receptionist at a rate of $250 per week to be paid on a weekly basis. The receptionist began services immediately. Oct. 1 Oct. 1 Oct. 2 Oct. 3 Oct. 4 Oct. 5 Oct. 8 Oct. 9 Oct. 10 Oct. 11 Oct. 12 Oct. 15 Oct. 16 Oct. 17 Oct. 18 Oct. 19 Oct. 22 Oct. 23 Oct. 24 Oct. 25 Oct. 26 Purchased shop supplies on account, $750. Purchased store equipment with cash, $5,000. Provided services to a customer and collected $65. Sponsored a beauty day and had overwhelming response. Collected $6,700 for services provided during the entire day. Received a utility bill to be paid in two weeks, $250. Did a special hair show, earned $3,000. Purchased additional shop equipment $1,500 that needed special installation. The installation cost, $350. Debit the entire cost, i.e. invoice price plus the installation to the account shop equipment. Paid cash. Hired an additional hair stylist with an agreed salary of $500 per week. The stylist is to begin work on October 15, and will be paid every week. Paid the receptionist, $250. Provided services to customers for the day; $3,500 in cash and $1,500 on account. Purchased additional shop supplies on account, $1,500. Owner withdrew $200 from the company for personal use. Received advance payment from an adoption agency to provide services to 100 children during the month of November, $5,000. Paid the receptionist $250. Paid the utility bill received on October 8, $250. Received an additional $1,000 for services yet to be provided for children at the adoption agency. Purchased a quarter page advertisement in the local newspaper promoting the beauty shop, $1,500. Provided services and earned $1,500 in cash. Paid the receptionist, $250 and the hair stylist, $350. Debit both amounts to wages expense.