Appearing below is an analysis of the June transactions for Island Consulting Services. Line 1 summarizes the company's accounting equation data as of June 1; lines 2-10 are the transactions for the month of June:

Required

a. Show that assets equal liabilities plus stockholders' equity as of June 1.

b. Describe the transaction indicated by each line. For example, line 2: Purchased supplies on account, \(\$ 670\). If any line could reasonably represent more than one type of transaction, describe each type.

c. Show that assets equal liabilities plus stockholders' equity as of June 30 .

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Accounts Cash Receivable Supplies + Equipment = Accounts Payable Notes Payable + Stock Common Retained + Earnings (1) $3,500+ $6,000 + $820 + $9,000 = $600 +$3,000 +$10,920 +$4,800 (2) +670 +670 (3) 3,750 3,750 (4) +4,200 -4,200 (5) +7,800 +7,800 (6) -600 -600 (7) -200 +200 (8) -5,500 (9) +2,000 (10) +750 -5,500 +2,000 +750