Response to the following problem:
Northern Starr Telecom began when Suzanne Starr invested $50,000 cash in a business bank account. During the first week, the business purchased supplies on credit for $8,000 and paid $12,000 cash for equipment. Starr later paid $5,000 on account.
Required
1. Open the following T-accounts: Cash; Supplies; Equipment; Accounts Payable; Suzanne Starr, Capital.
2. Record Starr's four transactions directly in the T-accounts without using a journal.
3. Compute the balance in each account, and show that total debits equal total credits.