QUESTION 17 Russ Wallis decides to open a cleaning and laundry service near the local college campus that will operate as a proprietorship. The transactions for the month of June are listed below 1. Russ Walls invests $20.000 in cash to start a cleaning and laundry business on June 1. 2. Purchased laundry equipment for $5,000 paying 53.000 in cash and the remainder due in 30 days. 3. Purchased laundry supplies for $1.200 cash. 4. Received a bill from Campus News for 5300 for advertising in the campus newspaper 5. Provided $1,500 of cleaning and laundry services to customers for cash. 6. Paid salaries of $200 to student workers. 7. Billed the Tiger Football Team 5100 for cleaning and laundry services. 8. Paid $300 to Campus News for advertising that was previously billed in Transaction 9. Russ Walls withdrew $700 from the business for living expenses 10. Incurred utility expenses for month on account. 5400 Instructions Analyze the transactions above in terms of their effect on the basic accounting equation. Record each transaction by increasing (*) or decreasing (--) the dollar amount of each item affected. Total and balance the equation at the end of the month. TER Accounts Laundry Laundry Was Walls action Cach Bee - Supplies - Equip - Puyable Capital - Den - Expenses 1. 2. 1. 4 10 Totals