Transactions for Ing. Ltd. for the month of June, its first month of operations, are presented below: June 1 4 7 18 25 Issued common shares to shareholders in exchange for $2,500 cash. Purchased supplies on account for $250. Billed J. Kronsnoble $300 for welding work done. Received partial payment of $200 from J. Kronsnoble for work billed on June 7. Hired a new employee to start work on July 3. Received cash of $200 from Liu Controls Ltd. as a deposit for welding work to be done in July. Paid for supplies purchased on June 4. Paid $100 for monthly income tax instalment. 27 28 29 Prepare a debit-credit analysis. Account Debited Account Credited Effect Effect June 1 4 28