Assessing Financial Statement Effects of Transactions K. Daniels started Daniels Services, a firm providing art services for advertisers, 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.)

une	1	K. Daniels invested $12,000 cash to begin the business in exchange for common stock.
	2	Paid $950 cash for June rent.
	3	Purchased $6,400 of office equipment on credit.
	6	Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days.
	11	Billed clients $4,700 for services rendered.
	17	Collected $3,250 cash from clients on their accounts billed on June 11.
	19	Paid $5,000 cash toward the account for office equipment (see June 3).
	25	Paid $900 cash for dividends.
	30	Paid $350 cash for June utilities.
	30	Paid $2,500 cash for June wages.

Balance Sheet

Transaction. Cash Assets+ Non Cash Assets= Liabilities+ Contributed capital+earned capital

June

Income statement

Revenue minus expenses = net income