Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) June 1 M. DeFond invested $18,000 cash to begin the business in exchange for common stock. 2 Paid $1,425 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $9,600 of office equipment on credit. 6 Purchased $5,700 of art materials and other supplies; the company paid $2,700 cash with the remainder due within 30 days. 11 Billed clients $7,050 for services rendered. 17 Collected $4,875 cash from clients on their accounts billed on June 11. 19 Paid $4,500 cash toward the account for office equipment (see June 3). 25 Paid $1,350 cash for dividends. 30 Paid $525 cash for June utilities. 30 Paid $3,750 cash for June wages. Balance Sheet Income Statement Cash Noncash Contributed Transaction Asset + Assets = Liabilities + Capital + Earned Capital Revenue Expenses = Net Income June 1 0 0 0 0 0 0 0 0 2 0 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 11 0 0 0 0 0 0 0 0 17 0 0 0 0 0 0 0 0 19 0 0 0 0 0 0 0 0 25 0 0 0 0 0 0 0 0 30 0 0 0 0 0 0 0 0 30 0 0 0 0 0 0 0 0