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PROBLEM 1. Michael Jackson decides to open a clothing store near the local college campus operate as a corporation, named Jackson, Inc. Record below, by increasing +) or decreasing (-) the dollar amount of Prepare a Balance Sheet and an Income Statement for the month of June Transactions that will each transaction in the table each account affected (1) Issued shares of stock in exchange for $20,000 cash on June 1. (2) Purchased store equipment for $5,000 paying $3,000 in cash and the remainder (3) Purchased clothes for $3.200 cash. (4) Received a bill from Campus News for $600 for advertising in the campus due in 60 days. newspaper. (5) Cash receipts from customers for sales of clothes amounted to $1,500. The purchase costs of these clothes was $800. Paid salaries of $400 to student workers. Billed the Tiger Football Team $1,700 for team jerseys. Cost was $1,400.00 Paid $300 to Campus News for advertising that was previously billed Transaction 4 Paid rent expense of $900. Incurred utility expenses for month on account, $400. (6) (7) (8) in (9)