Richard Gibbs began a business called Richard's Shoe Repair.

1. Create T accounts for Cash; Supplies; Richard Gibbs, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:

(a) Invested cash in the business, $6,500.

(b) Purchased supplies for cash, $700.

(c) Paid utility bill, $2,700.

2. Foot the T account for cash and enter the ending balance.