B B Ba Ba 8. Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a sole proprietorship. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in owner's equity. Transactions (1) (2) Neko Case invests $20,000 in cash to start a cleaning and laundry business on June 1. Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. Purchased supplies for $1,200 cash. Received a bill from College News for $300 for advertising in the campus newspaper. Cash receipts from customers for cleaning and laundry amounted to $2,400. Bal (10 (3) (4) Tota (5) (6) Paid salaries of $600 to student workers. (7) Billed the Lion Soccer Team $450 for cleaning and laundry services. (8) (9) Paid $300 to College News for advertising that was previously billed in Transaction 4. Neko Case withdrew $1,500 from the business for living expenses. (10) Incurred utility expenses for month on account, $500.