SERIAL PROBLEM: KATE'S CARDS SPI. Kate Collins has always been good at putting together thymes for any occasion. Kate is a recent col- lege graduate with a double major in business and art. Kate has always had a bit of an entrepreneurial streak and has decided to open her own business designing and selling greeting cards. Kate decided that she would rent a small studio where she would design the cards on a new Apple iMac that she is planning to purchase. Kate also decided to offer classes in greeting card design to other aspiring greeting card producers. After much thought, Kate decided to name her business "Kate's Cards. What balance sheet and income statement accounts will Kate likely use? Should Kate use her personal bank account or open a separate business account? Explain your answer. What accounting information will Kate need to run her business