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Transactions 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 $75,000 in exchange for common stock. Purchased office supplies on account, $2,200. Received cash from fees earned for managing rental property, $19,500. Paid rent on office and equipment for the month, $8,000. Paid creditors on account, $1,850. Billed customers for fees earned for managing rental property, $6,000. Paid automobile expenses for month, $1,500, and miscellaneous expenses, $800. Paid office salaries, $5,500. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,650. Paid dividends, $4,000. 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)

Transactions On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $75,000 in exchange for common stock. b. Purchased office supplies on account, $2,200. c. Recelved cash from fees eamed for managing rental property, $19,500. d. Paid rent on office and equipment for the month, $8,000. e. Paid creditors on account $1,850. f. Billed customers for fees earned for managing rental property, $6,000. g. Paid automobile expenses for month, $1,500, and miscellaneous expenses, $800. h. Paid office salaries, \$5,500. i. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,650. j. Paid dividends, $4,000. 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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