June 1 Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears. M. DeFond invested $24,000 cash to begin the business in exchange for common stock. 2 Paid $1,900 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $12,800 of office equipment on credit. 6 Purchased $7,600 of art materials and other supplies, the company paid $3,600 cash with the remainder due within 30 days. 11 Billed clients $9,400 for services rendered. 17 Collected $6,500 cash from clients on their accounts billed on June 11. 19 Paid $6,000 cash toward the account for office equipment (see June 3). 25 Paid $1,800 cash for dividends. 30 Paid $700 cash for June utilities. 30 Paid $5,000 cash for June wages. Balance Sheet Income Statement Cash Asset Noncash Assets = Liabilities + Contributed Capital 0 + Earned Capital 0 Transaction June Revenues = Net Income Expenses 0 1 0 0 0 0 2 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 6 0 0 0 0 0 0 0 11 0 0 0 0 0 0 17 0 0 0 0 0 0 19 0 0 0 0 0 0 o o o o o o 25 0 0 0 0 0 0 30 0 0 0 0 0 30 0 0 0 0 0 0