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Problem 7 (20 Points) Pink Floyd decides to open a pira parior 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 (t) or decreasing () the dollar amount of each ltem affected and indleate the final balance for each account. It is not necessary to identify the cause of changes in stockholders' equity. Iransactions (1) Pink Floyd invests $100,000 cash in exchange for common stock to start a pizza parior business on June 1. (2) Purchased a car for delivery $40,000 paying $5,000 in cash and the remainder due in 60 days. (3) Rurchased supplies for $3,000 on account. (4) Aeceived a bill from Campus News for $600 for advertising in the campus newspaper. HIBEIH REYES PERALTA (5) Cash receipts from customers for pizza sales amounted to $1,200. (6) Paid salaries of $450 to employees. (7) Billed the Tiger Football Team \$400 for pizzas ordered. (8) Paid $600 to Campus News for advertising that was previously billed in Transaction 4. (9) Pink Floyd was paid dividends of $1,000. (10) Incurred utility expenses for month on account, $350. Trans- action Cash + Recounts + Recelvable + Supplles + Equipment = Pocounts + Common + Retained (6) Paid salaries of (7) Pailled saiaries of $450 to employees. (8) Pald S600 to Campus Newe for T400 for pizzas ordered. (9) Pink Floyd was paid dividends of 31,000 . (10) Incurred utility expenses for month on acoour (10) Incurred utility expenses for month on account, \$350. Trans- Cash + Accounts action (1) (2)