Transaction Analysis and Financial Statements Beachway Enterprises was organized on June 1 by two college students who recognized an opportunity to make money while spending their days at a beach in Florida. The two entrepreneurs plan to rent beach umbrellas. The following transactions occurred during the first month of operations: June 1: Received contributions of $2,000 from each of the two principal owners of the new business in exchange for shares of stock June 1 Purchased 25 beach umbrellas for $250 each on account. The company has 30 days to pay for the beach umbrellas. June 5: Registered as a vendor with the city and paid the $35 monthly fee. June 10: Purchased $50 in miscellaneous supplies on an open account. The company has 30 days to pay for June 15: Paid $70 bill from a local radio station for advertising for the last two weeks of June. June 17: Customers rented beach umbrellas for cash of $1,000. June 24: Billed a local hotel $2,000 for beach umbrellas provided for use during a convention being held at hotel is to pay one-half of the bill in five days and the rest within 30 days. June 29: Received 50% of the amount billed to the hotel June 30: Customers rented beach umbrellas for cash of $1,500. June 30: Paid wages of $90 to a friend who helped over the weekend. June 30: Paid the balance due on the beach umbrellas. Required: 1. Complete the table below to summarize the preceding transactions as they affect the accounting equation. Identify cach transaction with a date Enter transactions in the same order as presented above. If an account is unaffected by a transaction, entero Use the minus sign to indicate decreases Beachway Enterprises