In June, Bill Phinnes decides to open a cleaning and laundry service near the local university campus. (a) Analyze the following events for the month of June, and complete the table below. The first event is shown. Afterwards, calculate the total balances of the column headings to show that the accounting equation balances. (b) Prepare residual analyses for events (9) and (10). Events (1) Issued shares in exchange for $20,000 cash. (2) Purchased laundry equipment for $5,000 paying $3,000 in cash and the rest on account. (3) Purchased laundry supplies for $1,200 cash. (4) Received a bill from College News for $300 for advertising in the campus newspaper for June. (5) Received $1,500 cash from customers for cleaning and laundry services. (6) Paid salaries of $200 to student workers. (7) Sent the Lion Soccer Team a $200 invoice for cleaning and laundry services provided. (8) Paid $300 to College News for advertising that was previously billed in Transaction 4. (9) Declared dividends of $700, payable in July. (10) Received a $150 utility expense bill for June, payable in July. Assets - Liabilities Equity Accounts Accounts Cash + Receivable + Supplies + Equipment = Payable Dividends + Payable + Share Capital Event Retained Earnings + Income - Expenses -- Dividends (122 $20,000 +$20,000 (3)