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On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June:

1. Opened a business bank account with a deposit of $44,000 from personal funds.
2. Purchased office supplies on account, $3,280.
3. Received cash from fees earned for managing rental property, $9,220.
4. Paid rent on office and equipment for the month, $4,030.
5. Paid creditors on account, $1,490.
6. Billed customers for fees earned for managing rental property, $7,470.
7. Paid automobile expenses (including rental charges) for the month, $900, and miscellaneous expenses, $450.
8. Paid office salaries, $2,840.
9. Determined that the cost of supplies on hand was $1,940; therefore, the cost of supplies used was $1,340.
10. Withdrew cash for personal use, $2,690.

Required:

1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300)

Assets = Liabilities + Owner's EquityItemCash + Accounts Receivable + Supplies = Accounts Payable + Pamela Schatz, Capital - Pamela Schatz, Drawing + Fees Earned - Rent Expense - Salaries Expense - Supplies Expense - Auto Expense - Misc. Expense

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