Assume you are interviewing for a part-time accounting job at Spilker \& Associates, Inc., and the interviewer gives you the following list of company transactions in September 2000 .

Sept. 1 Received $\$ 150,000$ for capital stock issued.

2 Paid $\$ 20,000$ cash to employees for wages earned in September 2000.

4 Purchased $\$ 75,000$ of running shoes and clothing on account for resale.

5 Paid utilities of $\$ 1,800$ for September 2000 .

9 Paid $\$ 1,500$ cash for September's insurance premium.

11 Sold inventory of running shoes and clothing costing $\$ 35,000$ for $\$ 70,000$, with $\$ 20,000$ received in cash and the remaining balance on credit.

15 Purchased $\$ 2,500$ of supplies on account.

21 Received $\$ 25,000$ from customers as payments on their accounts.

25 Paid $\$ 75,000$ of accounts payable.

1. Journalize each of the transactions for September. (Omit explanations.)
2. Set up T-accounts, and post each of the journal entries made in (1).
3. Interpretive Question: If the business owners wanted to know at any given time how much cash the company had, where would you tell the owners to look? Why?