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 stockholders' equity. (Transaction, cash + accounts receivable + supplies +equipment = accounts payable + common stock + retained earnings).

Your answer is partially correct. Sheridan Company decides to open a pizza parlor 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. (1) Sheridan Company issues shares of common stock in exchange for $29,500. (2) Purchased equipment for $4,500 paying $2,050 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,900 cash. (4) Received a bill from Campus News for $240 for advertising in the campus newspaper. (5) Cash receipts from customers for pizza sales amounted to $2,200. (6) Paid salaries of $170 to student workers. (7) Billed the Tiger Football Team $300 for pizzas ordered. (8) Paid $240 to Campus News for advertising that was previously billed in Transaction 4. (9) Sheridan Company paid a dividends of $1,800. (10) Incurred utility expenses for month on account, $130. Your answer is partially correct. Sheridan Company decides to open a pizza parlor 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. (1) Sheridan Company issues shares of common stock in exchange for $29,500. (2) Purchased equipment for $4,500 paying $2,050 in cash and the remainder due in 30 days. (3) Purchased supplies for $1,900 cash. (4) Received a bill from Campus News for $240 for advertising in the campus newspaper. (5) Cash receipts from customers for pizza sales amounted to $2,200. (6) Paid salaries of $170 to student workers. (7) Billed the Tiger Football Team $300 for pizzas ordered. (8) Paid $240 to Campus News for advertising that was previously billed in Transaction 4. (9) Sheridan Company paid a dividends of $1,800. (10) Incurred utility expenses for month on account, $130