Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger 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 Salaries Expense. June 1 Lisa Ryan invested $19,000 cash to begin the business, she received common stock for her investment. 2 Paid rent for June, $1,650. 3 Purchased office equipment on account, $7,100. 6 Purchased art materials and other supplies costing $4,500; paid $2,500 down with the remainder due within 30 days. 11 Billed clients for services, $8,800. 17 Collected $3,950 from clients on account. 19 Paid $3,700 on account to office equipment company (see June 3 transaction). 25 Lisa Ryan received a $2,700 dividend. 30 Paid utility bill for June, $1,050. 30 Paid salaries for June, $3,200. Accounting Equation Journal Entries a. Using the accounting equation, record each of the transactions in columnar format. Use negative signs with your answers, when appropriate. Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings June 1 $ $ 2 3 $ ta 11 17 19 25 30 30 $ + $ $ + $