=+Jean Howard established an insurance agency on July 1 of the current year and completed the following transactions during July:

a. Opened a business bank account with a deposit of $50,000 from personal funds.

b. Purchased supplies on account, $1,600.

c. Paid creditors on account, $500.

d. Received cash from fees earned on insurance commissions, $9,250.

e. Paid rent on office and equipment for the month, $2,500.

f. Paid automobile expenses for month, $900, and miscellaneous expenses, $300. g. Paid office salaries, $1,900. h. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,050. i. Billed insurance companies for sales commissions earned, $11,150. j. Withdrew cash for personal use, $2,700. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: