You open a consulting business on January 1st and must account for the following transactions during a one month period: Day 1: You contribute $10,000 of your own money to the business for initial expenses. Day 1: Hire an administrative assistant who will work Monday - Friday; pay: $500/week; pay-day: every 2 weeks. He begins on day 1. Day 2: Take care of normal business start-up issues: Rent Office Space: You pay $6,000 in advance for the entire first year's rent and $500 as a security deposit. Buy Insurance: you pay $600 for 6 months coverage Buy Office Supplies: you pay $100 Rent Office Equipment and Furniture: you pay $750 for a 3-month lease Day 4: You staff a table at a Career Fair and secure 20 clients during the day; you charge $100/client for the advice you provide but offer a 10% discount for cash; half pay you cash, the other half promise to pay at the end of the month (Career Fair lasts one day) Day 12: You receive a $500 fee for making a luncheon presentation at the local Kiwanis Club. Day 14: Payday for your administrative assistant for two weeks of work. Day 17: Pay contracting