The following amounts summarize the financial position of Mason Resources, Inc., on May 31, 20X6: During June 20X6
  

  

Bal. Assets Accounts Cash + Receivable + Supplies + Land 1,350 1,250 11,500 Liabilities Accounts Payable 7,200 + + Shareholders' Equity Share Capital 4,500 During June 20X6, Mason Resources completed these transactions: a. The business received cash of $8,100 and issued ordinary shares. b. Performed services for a customer and received cash of $7,200. c. Paid $5,100 on accounts payable. d. Purchased supplies on account, $700. + Retained Earnings 2,400