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Transaction Entries Creative Designs, a firm providing art services for advertisers, began business on June 1. The following accounts in its general ledger are needed to record the transactions for June: Cash; Accounts Receivable; Supplies; Office Equipment, Accounts Payable; Common Stock; Dividends; Service Fees Earned; Rent Expense; Utilities Expense; and Salaries Expense. June 1 Lisa Ryan invested $14,000 cash to begin the business; she received corrmon stock for her investment. 2 Paid rent for June, $1,150. 3 Purchased office equipment on account, $6,600. 6 Purchased art materials and other supplies costing $4,000; paid $2,000 down with the remainder due within 30 days. 11 Billed clients for services, S6,900. , 17 Collected $3,450 from clients on account. 40 19 Paid $3.200 on account to office equipment company (see June 3 transaction). 25 Lisa Ryan received a $2,200 dividend, 30 Paid utility bill for June, $550. 30 Paid salaries for June, $2,700. Accounting Equation Journal Entries a. Using the accounting equation, record each of the transactions in columnar format. Use negative signs with your answers, when appropriate. Cash + Accounts Receivable + Supplies + Office Equipment = Accounts Payable + Common Stock + Retained Earnings June 15 1 n $ 0 $ 0 S 0 $ 0 S D $ 0 2 0 0 0 0 0 0 0 3 0 0 0 0 0 0 0 0 . . . . . . 6 0 0 0 0 0 0 0 11 D 0 0 0 D 0 17 0 0 0 0 0 0 0 19 0 0 0 0 0 - 25 30 0 0 0 0 0 0 0 0 + $ 0 0 0 0 0 0 + S 0 0 0 0 0 0 0 0 + S 0 0 D 0 0 + $ 0 0 0 0 30 0 S S 0 + $ 0 = $ 0 G

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