On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of equipment in J Hair Salon. On that day, he paid rent of $15,000 for three months. During March 2021, he completed the...

On 1 March 2021, Tom set up J Hair Salon by investing $50,000 cash and $30,000 of
equipment in J Hair Salon. On that day, he paid rent of $15,000 for three months.
During March 2021, he completed the following additional transactions:
 Purchased $3,000 of supplies on account.
 Provided haircuts and treatments and received $20,000 cash.
 Determined that the cost of supplies on hand in end-March was $500.
Analyse the above and record the necessary entries for March 2021. For this question,
dates and narrations are not required