At the beginning of the summer, jack wells was looking for a way to earn money to pay for his college tuition in the fall. He decided to start a lawn service business in his neighborhood. to get the business started, jack used $6,000 from his savings account to open a checking account for his new business, Elegant Lawn Care. He purchased two used power mowers nd various lawn care tools for $2,000, and paid $3, 600 for a second-hand truck to transport the mowers. Several of his neighbors hired him to cut their gross on a weekly basis. He sent these customers monthly bills. By the end of the summer, they had paid him $1, 200 in cash and owed him another $2, 300. Jack also out grass on an as-needed basis for other neighbors who paid him $1,000. During the summer, jack spend $400 for gasoline for the truck and mowers. He paid $1,000 to a friend who helped him on several occasions. An advertisement in the local paper cost $200. Now, at the end of the summer, Jack is concerned because he has only $1,000 left in his checking account. He says, I worked hard all summer and have only $1,000 to show for it. It would have been better to leave the money in the bank.