PROBLEM 3.28 Analyzing and Journalizing Transactions L03-3.103-4 .L03-8 .L03-6 .103-7 .0 8 Lyon, Inc.provides consulting services. A few of the company's business transactions occurring during June are described as follows 1. On June 1, the company billed customers $6,000 on account for consulting services rendered. Customers are required to make full payment within 30 days (Lyons, Inc. uses an account entitled Consulting Revenue when billing customers.) 2. On June 3. the company purchased office supplies costing 53.840. paying 960 cash and charging the remainder on company's 30-day account at Office Warehouse. The supplies are expected to last several months 3. On June 5, the company returned to Office Warehouse S120 of supplies that were not needed. The return of these supplies reduced by S120 the amount owed to Office Warehouse 4. On June 17, the company issued an additional 1.000 shares of capital stock at S6 per share. The cash raised will be used to purchase new equipment in September 5. On June 22. the company received $1.440 cash from customers it had billed on June 1 6. On June 29. the company paid its outstanding account payable to Office Warehouse 7. On June 30, a cash dividend totaling $2.160 was declared and paid to the company's stockholders Instructions a. Prepare an analysis of each of these transactions Transaction serves as an example of the form of analysis to be used 1. (a) The asset Accounts Receivable was increased Increases in assets are recorded by debita Debit Accounts Receivable 56.000 (b) Revenue has been earned. Revenue increases owners' equity Increases in owners' equity are recorded by credits. Credit Consulting Revenue 50.000 b. Prepare journal entries, including explanations, for these transactions e. How does the realization principle influence the manner in which the June 1 billing to customers are recorded in the Page 137 accounting records? d. How does the matching principle influence the manner in which the June 3 purchase of supplies is recorded in the accounting records