Selected transactions for Ing Corporation for the month of June are presented below. For each transaction, prepare
a (a) basic analysis, (b) equation analysis, and (c) debit-credit analysis.
June 1 Issued common shares to shareholders in exchange for $2,500 cash.
2 Purchased supplies on account for $250.
12 Billed J. Kronsnoble $300 for welding work done.
22 Received cash from J. Kronsnoble for work billed on June 12.
25 Hired an employee to start work on July 2.
28 Received cash of $200 from K. Jones as a deposit for welding work to be done in July.
29 Paid for supplies purchased on June 2.
30 Paid $100 for income tax.