There were following activities occurred during the first month of Babara Schmidt's new hair cutting business called The Cutlery: a. On August 1, Schmidt put $3,000 cash into a chequing account in the name of The Cutlery. She also invested $15,000 of equipment that she already owned. b. On August, Schmidt paid $600 cash for six months of insurance effective immediately. c. On August2, she paid $600 cash for furniture for the shop. d. On August3, she paid 5900 cash to rent space in a strip mall for August. e. On August4, she furnished the shop by installing the old equipment and some new equipment that she bought on credit for $1,200. This amount is to be repaid in three equal payments at the end of August, September, and October 1. On Augusts cash receipts from haircutting services provided in the first week and a half of business Cended August 15) were $225 g. On August 15, Schmidt provided haircutting services on account for $100. h. On August 17. Schmidt received a 5100 cheque in the mail for services previously rendered on account i. On August17. Schmidt paid 5125 to an assistant for working during the grand opening J.On August 18. Schmidt interviewed a job applicant. The applicant was successful in getting the position and will receive $750 per week for part-time work starting in September k on August 18. a regular customer paid $500 for services to be provided over the next three month 1.Cash receipts from haircutting rendered during the 2nd half of August were 5530 m. On August Schmidt paid an instalment on the accounts payable n. On August the Augusto bill for $75 was received will be paid on September 14 m. On August31, Schmidt paid an instalment on the accounts payable n. On August31, the August hydro bill for $75 was received. It will be paid on September 14. o. On August 31, she withdrew $200 cash for her personal use. Required: Prepare necessary journal entries for above activities occurred during the August Prepare T-Accounts for all the accounts. Dronne trial halance, balance sheet and income statement