Mehta started his dental clinic on June 1, 2019. The following transactions occurred during the month of June. 6/1/2019 Received $5,000 each from his uncle, two siblings and parents in exchange of common stock-total of $25,000 6/2/2019 Purchased dental equipment for $28,000. Paid $8,000 in cash and the balance was a notes payable to be paid in 180 days-interest payable monthly at 8% per year 6/2/2019 Purchased $4,300 of dental supplies on account (payable in 30 days) 6/3/2019 Paid $3,200 for a 6 months insurance policy. The company has a policy to expense insurance costs 6/8/2019 Prepared dental crowns for two patients - Charged $4,200 on account 6/12/2019 Dental cleaning for 2 patients - billed insurance for $750 6/18/2019 Made tooth guards for 3 patients - $140 each. They paid cash in full. 6/24/2019 Received payment of $ 750 from insurance company for the dental work performed on 6/12 6/25/2019 Received payment of $3,400 for the dental service provided on 6/8/19 6/25/2019 Puchased more supplies for $1,200 (paid cash and took advantage of the cash discount) 6/29/2019 Paid monthly interest of on the notes payable issued on 6/2/19 (calculate interest for the entire month) 6/29/2019 Paid the utility bill of $214 6/29/2019 Paid for the supplies purchased on account on June 2. 6/30/2019 Paid monthly salary of $1,850 to the front desk attendant and $3,800 to the dental hygienist 6/30/2019 Paid total monthly dividend of $ 250 to the stockholders Instructions (a) Show the effects of the previous transactions on the accounting equation using the following format. Assume the note payable is to be repaid within the year. Include margin explanations for any changes in Retained Earnings. (b) Prepare an income statement for the month of June. (c) Prepare a classified balance sheet at June 30, 2019. Assets Cash Accounts Date Supplies Equipment Receivable Notes Payable 6/1/2019 $25,000 6/2/2019 6/2/2019 6/3/2019 6/8/2019 6/12/2019 6/18/2019 6/24/2019 6/25/2019 6/25/2019 6/29/2019 6/29/2019 6/29/2019 6/30/2019 6/30/2019 $25.000 so SO So Liabilities + + + Stockholders' Equity Retained Earnings Revenues Expenses Accounts Payable + + + + Common Stock $25,000 = Dividends + so + $0 + $25 ann $0 = $0 $0 $25.000 $25,000