Record business activities. (LO 4) DO IT! 2-2 Graham Kahl engaged in the following activities in establishing his photography studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into this account in exchange for common stock. 2. Purchased photography supplies at a total cost of $1,600. The business paid $400 in cash and the balance is on account. 3. Obtained estimates on the cost of photography equipment from three different manu- facturers. In what form (type of record) should Graham record these three activities? Prepare the entries to record the transactions. DO IT! 2-3 Graham Kahl recorded the following transactions during the month of April. Post transactions. 3,700 (LO 6 3,700 600 April 3 Cash Service Revenue April 16 | Rent Expense Cash April 20 Salaries and Wages Expense Cash 600 500 500 Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning balance in cash on April 1 was $1,600