Cullumber Company decides to open a pizza parlor 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. (1) Cullumber Company issues shares of common stock in exchange for $26,500. (2) Purchased equipment for $5,000 paying $2,200 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,800 cash. (4) Received a bill from Campus News for $310 for advertising in the campus newspaper. (5) Cash receipts from customers for pizza sales amounted to $1,800. (6) Paid salaries of $170 to student workers. (7) Billed the Tiger Football Team $250 for pizzas ordered. (8) Paid $310 to Campus News for advertising that was previously billed in Transaction 4. (9) Cullumber Company paid a dividends of $1,150. (10) Incurred utility expenses for month on account, $110. Transaction Cash (1) $ 26,500 + Accounts Receivable + Supplies Balance $ 26,500 $ 26,500 (2) 2,200 Balance $ 2,200 (3) 1,800 2,200 Balance $ 1,800 $ 1,800 (4) Balance (5) Balance (6) + $ 1,800 1,800 310 + $