T Accounts and Trial Balance Wilhelm Kohl started a business in May 20-- called Kohl's Home Repair. Kohl hired a part-time college student as an assistant. Kohl has decided to use the following accounts for recording transactions: Assets Cash Accounts Receivable Office Supplies Prepaid Insurance Equipment Van Liabilities Accounts Payable Owner's Equity Wilhelm Kohl, Capital Wilhelm Kohl, Drawing Revenue Service Fees Expenses Rent Expense Wages Expense Phone Expense Gas and Oil Expense The following transactions occurred during May: (a) Invested cash in the business, $20,000. (b) Purchased a used van for cash, $9,000. (c) Purchased equipment on account, $3,000. (d) Received cash for services rendered, $5,000. (e) Paid cash on account owed from transaction (c)