Neko Case decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic 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 stockholders' equity

Trans

Assets

Liabilities

Stockholder's Equity

Cash

+

Accounts Receivable

+

Supplies

+

Equipment

=

Accounts Payable

+

Common Stock

+

Revenues

-

Expenses

-

Dividends

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

Transactions
(1)	Issued stock 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 College 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 College News for advertising that was previously billed in Transaction 4.
(9)	Paid dividends of $1,200.
(10)	Incurred utility expenses for month on account, $500.