Problem 3 Paul Olivia opened a pizza business under the name of Olivia's Pizza Parlor, and during the first week completed the following transactions: a. Invested cash of $2,000 and the following assets at their fair market values: fur niture, $2,000; equipment, $3,000; and building, $8,000. b. Purchased food and beverages on account, costing $500 and $100, respectivel y, from Edgar's Food Supply. c. Purchased a typewriter with cash, $200. d. Paid for newspaper advertising, $30. e. Paid utility bills, $50. f. Paid wages for the week, $250. g. Paid for cooking supplies used during the week, $10. h. Paid $100 on account to Edgar's Food Supply. i. Received $900 from customers for pizza and beverages sold. Pizza sales amoun ted to $750, the remainder was beverage sales. Required: 1. Set up the following T-accounts: Cash; Furniture; Equipment; Building; Accounts Pay able (Edgar's Food Supply); Paul Olivia, Capital; Food Sales; Beverage Sales; Advertising Expense; Utilities Expense; Wages Expense; Cooking Supplies Expense; Food Expense; Beverage Expense. 2. Record the transactions in the accounts with each amount identified by its transacti on letter.