May 25, 2020 - Practice 1 Russ Walls decides to open a cleaning and laundry service near the local college campus that will operate as a proprietorship. The transactions for the month of June are listed below: 1. Russ Walls invests $20,000 in cash to start a cleaning and laundry business 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 Campus News for $300 for advertising in the campus newspaper. 5 Provided $1,500 of cleaning and laundry services to customers for cash. 6. Paid salaries of $200 to student workers. 7. Billed the Tiger Football Team $100 for cleaning and laundry services. 8 9. 1 Paid $300 to Campus News for advertising that was previously billed in Transaction 4. Russ Walls withdrew $700 from the business for living expenses. 0 Incurred utility expenses for month on account, $400. Instructions Analyze the transactions above in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing () the dollar amount of each item affected. Total and balance the equation at the end of the month. R. R Trans Aoccunts Laundry Laumirj:r Accounts Walls, Walls, action Cash + Rec. + Supplies + Equip. = Payable + Capital Drawings +Revemies Expen.ses 1. 2. 3