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On June 1 of the current year, Chris Bates established a business to manage rental...

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Accounting

On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:
Opened a business bank account with a deposit of $27,000 in exchange for common stock.
Purchased office supplies on account, $3,110.
Received cash from fees earned for managing rental property, $8,830.
Paid rent on office and equipment for the month, $3,810.
Paid creditors on account, $1,410.
Billed customers for fees earned for managing rental property, $7,060.
Paid automobile expenses for month, $850, and miscellaneous expenses, $420.
Paid office salaries, $2,680.
Determined that the cost of supplies on hand was $1,840; therefore, the cost of supplies used was $1,270.
Paid dividends, $2,540.
Required:
1. Indicate the effect of each transaction and the balances after each transaction:
If an amount box does not require an entry, leave it blank.
For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)

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