Brief Exercise 3-5 a-c Transactions for Sunland Ltd. for the month of June, its first month of operations, are presented below. June 1 Issued common shares to shareholders in exchange for $2,320 cash. 4 Purchased supplies on account for $251. 7 Billed J. Kronsnoble $295 for welding work done. 18 Received partial payment of $188 from J. Kronsnoble for work billed on June 7. 25 Hired a new employee to start work on July 3. 27 Received cash of $213 from Liu Controls Ltd. as a deposit for welding work to be done in July. 28 Paid for supplies purchased on June 4. 29 Paid $110 for monthly income tax instalment. Prepare a debit-credit analysis. Account Debited Account Credited Effect Effect une 1 Increase Increase Increase 18 25 27 28 29 Decrease Increase