Daniel Winters decides to open a cleaning and laundry service near the local university campus that will operate as a company. Analyse the following transactions for the month of June 2022 in terms of their effect on the 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 owners' equity.

Transactions

(1) Issued shares in exchange for $20,000 cash on June 1.

(2) Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days.

(3) Purchased supplies for $1,200 cash.

(4) Received a bill from University News for $300 for advertising in the campus newspaper. (5) Cash receipts from customers for cleaning and laundry amounted to $2,400.

(6) Paid salaries of $600 to student workers.

(7) Billed the Lion Soccer Team $450 for cleaning and laundry services.

(8) Paid $300 to University News for advertising that was previously billed in Transaction 4.

(9) Paid dividends of $1,200.

(10) Incurred utility expenses for the month on account, $500.

Show the effects of the above transactions on the accounting equation using the following format:

Transaction Cash + Account receivable + supplies + equipment = account payable + share capital + revenue - expenses - dividend