On June 1, 2010, Lindsey Brown established Equity Realty. Lindsey completed the following transactions during the month of June:a. Opened a business ban account with a deposit of $15,000 in exchange for capital stock.b. Paid rent on office and equipment for the month, $4,000.c. Paid automobile expenses (including rental charge) for month, $1,200, and miscellaneous expenses, $800.d. Purchased supplies (pens, file folders, and copy paper) on account, $1,000.e. Earned sales commissions, receiving cash, $18,500.f. Paid creditor on account, $600.g. Paid office salaries, $2,500.h. Paid dividends, $5,000.i. Determined that the cost of supplies on hand was $300; therefore, the cost of supplies used was $700.Instructions1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

2. Prepare an income statement for June, a retained earnings statement for June, and a balance sheet as of June30.

= Liabilities - Stockholders' Equity Office Salaries - Dividends + Commassionis - Expense - Expense Assets Sales Accounts - Payable Stock Rent Supplies - Expense - Expense Auto Misc. Capital Cash Supplles - Expense