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b) Ahmad 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 equity. No. Transaction 1. Issued ordinary shares in exchange for $15,000 cash on June 1. 2. Purchased laundry equipment for $4,000 paying $3,000 in cash and the remainder due in 30 days. 3. Purchased laundry supplies for $1,600 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 $1,500. 6. Paid salaries of $200 to student workers. 7. Billed the Lion Soccer Team $200 for cleaning and laundry services. 8. Paid $300 to College News for advertising that was previously billed in Transaction 4. 9. Paid dividends of $700. 10. Incurred utility expenses for month on account, $150