Question 3 (40 points, 5 each) 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. (1) Issued ordinary shares in exchange for $20,000 cash on June 1. (2) Purchased equipment for $5,000 paying $3,000 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,200 cash. (4) Purchase advertising from News for $300 on account. (5) Cash receipts from customers for services amounted to $1,500. (6) Paid salaries of $200 to student workers. (7) Paid $300 to College News for advertising that was previously billed in Transaction 4. (8) Paid dividends of $700. Assets Liabilities + Equity Retained earnings + Share- capital Share capital Cash Revenue Expenses - Dividend Accounts receivable Supplies Equipment Accounts payable 1 N 3 4 5 6 7 8 Total