Bill Phinnes 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 $20,000 cash on June 1. (2) Purchased laundry equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. (3) Purchased laundry supplies for $1,200 cash. (4) Received a bill from College News for $300 for advertising in the campus newspaper. (5) Cash receipts from customers for cleaning and laundry amounted to $1,500. (6) Paid salaries of $200 to student workers. (7) Billed the Lion Soccer Team $200 for cleaning and laundry services. (8) Paid $2 tn Cnlleop News for adverticing that (8) Paid \$300 to College News for advertising that was previously billed in Transaction 4. (9) Paid dividends of $700. (10) Incurred utility expenses for month on account, $150 Trans- Accounts A ccounts Share Retained action Cash + Receivable + Supplies + Equipment = Payable + Capital + Earnings (1) Balance (2) Balance (3) Balance (4) Balance