Instructions On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. Assets = Liabilities + Owner's Equity Cash + Accounts Receivable + Supplies + Prepaid Insurance + Truck + Catering Equipment Accounts Payable + Capital - Drawing + Revenue - Expenses a. Gervais deposited $25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for $26,329, paying $8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigi's Equipment, $3,795. d. Paid the rent for the month, $1,255, Ck. No. 501. e. Bought insurance for the truck for one year, $400, Ck. No. 502. & Cold actoring comi non for noch for the first half of the month $0 010 Instructions f. Sold catering services for cash for the first half of the month, $3,012. g. Bought supplies for cash, $185, Ck. No. 503. h. Sold catering services on account, $4,307. i. Received and paid the heating bill, $248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, $128. k. Sold catering services for cash for the remainder of the month, $2,649. I. Gervais withdrew cash for personal use, $1,550, Ck. No. 505. m. Paid the salary of the assistant, $1,150, Ck. No. 506. Required: 1. Record the transactions and the balance after each transaction. 2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the Instructions Accounting Equation Grid 1. Record the transactions and the balance after each transaction. 2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. Accounting Equation Instructions Assets Accounts Prepaid Cash + Receivable + Supplies + Insurance + Truck (a) Catering + Equipment X Lia Ac = P Truck Catering + Equipment Liabilities Accounts = Payable B. Gervais, + Capital Owner's Equity B. Gervais, - Drawing + Revenue - Expenses Instructions Accounting Equation Grid Cash (a) (b) Bal. (c) Bal. (d) Bal. (e) Bal. Accounts + Receivable + Supplies Prepaid + Insurance + Truck Catering + Equipment × × X Ac = P Instructions Accounting Equation Grid Bal. (f) Bal. (g) Bal. (h) Bal. e Bal. (j) Bal. (k) X Instructions Accounting Equation Grid (i) Bal. (j) Bal. (k) Bal. (1) Bal. (m) Bal. Assets $