Question 1 Partially correct Mark 4.00 out of 5.00 Flag question Assessing Financial Statement Effects of Transactions DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Wages Expense. Record the following transactions for June using the financial statement effects template. (Record each transaction in the order it appears.) June 1 M. DeFond invested $12,000 cash to begin the business in exchange for common stock. 2 Paid $950 cash for June rent.Hint: Record rent expense on June 2. 3 Purchased $6,400 of office equipment on credit. 6 Purchased $3,800 of art materials and other supplies; the company paid $1,800 cash with the remainder due within 30 days. 11 Billed clients $4,700 for services rendered. 17 Collected $3,250 cash from clients on their accounts billed on June 11. 19 Paid $3,000 cash toward the account for office equipment (see June 3). 25 Paid $900 cash for dividends. 30 Paid $350 cash for June utilities. 30 Paid $2,500 cash for June wages. Balance Sheet Income Statement Cash Noncash Transaction Asset + Assets = Liabilities Contributed Capital + Earned Capital Revenue Expenses = Net Income June 1 12,000 2 950 x 0 0 0 0 12,000 3 0 6,400 6,400 0 0 0 950 X 0 0 0 0 950- 950 X 0 0 0 6 1,800 x 3,800 2,000 0 0 0 0 0 11 0 4,700 0 0 4,700 4,700 0 4,700 17 3,200 x 3,200 x 0 0 0 0 0 0 19 5,000 x 0 5,000 x 0 0 0 0 0 25 900 x 0 0 0 900 x 0 0 0 30 350 X 0 0 0 350 X 0 350 350 x 30 2,500 x 0 0 0 2,500 x 0 2,500 2,500 x