Question: please solve all the requirments and make sure the answer is correct 100% Sarah decides to open a cleaning and laundry service near the local


Sarah decides to open a cleaning and laundry service near the local college campus that will operate as a corporation. Analyze the following transactions for the month of June in terms of their effect on the basic accounting equation. Record each transaction by increasing (+) or decreasing (-) the dollar amount of each item affected. Indicate the new balance of each item after a transaction is recorded. It is not necessary to identify the cause of changes in equity. Transactions (1) Issued ordinary shares in exchange for $50,000 cash on June 1. (2) Purchased laundry equipment for $10,000 paying $4,000 in cash and the remainder due in 30 days. (3) Purchased laundry supplies for $2,200 cash. (4) Cash receipts from customers for cleaning and laundry amounted to $1,500. (5) Paid salaries of $1200 to student workers. (6) Billed the Lion Soccer Team $200 for cleaning and laundry services. (7) Paid dividends of $900. Notes: Solve on a seperate sheet and upload used the below suggested format Trans- action Equipment = Capital (1) Balance (2) Balance. (3) Balance (4) Accounts Accounts Share Retained Cash + Receivable + Supplies + Payable + + Earnings Balance (5) Balance (6) Balance (7) Totals
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