Bill decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. 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 equity. Transactions (1) Issued ordinary shares in exchange for $30,000 cash on June 1. (2) Purchased laundry equipment for $10,000 paying $4,000 in cash and the remainder due in 30 days. (3) Purchased laundry supplies for $2,200 cash. (4) Received a bill from College News for $500 for advertising in the campus newspaper. (5) Cash receipts from customers for cleaning and laundry amounted to $1,500. (6Paid salaries of 5200 to student workers. (7) Billed the Lion Soccer Team $200 for cleaning and laundry services. (8) Paid $700 to College News for advertising that was previously billed in Transaction 4. (9) Paid dividends of $900. Below is a suggested format: Trans- Accounts Accounts Share Retained action Cash + Receivable + Supplies + Equipment = Payable + Capital + Earnings (1) (1) Balance (2) Balance (3) Balance (4) Balance (5) Balance (6) Balance (7) Balance Balance (8) Balance (9) Totals