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On June 1 of the current year, Chris Bates established a ptoprietorship to manage rental property, The following transactions were completed during June: 0. Opened a buskess bank accoumt with a deposht of $75,000 in the name of Bates Realty. b. Purchased orfice suppiles on account, $2,200. c. Received cash from fens earned for managing rentel property, $19,500. d. Paid rent on office and equipment for the month, $8,000. e. Paid creditors on account, $1,850. f. Bused customers for tees earned for managing rental property, $6,000. 9. Paid automobile expenses for month, $1,500, and miscellaneous expenses, $600 : h. Paid office salaries, 55,500. 1. Determined that the cost of supples on hand was $550; therefore, the cost of supptes used was 51,650. 1. Withdrew cosn for personal use, $4,000. Required: 1. Indecate the effect of each transactoon and the balances after esch transaction: foprietorship to manage rental property. The following transactions were comploted during June: 000 in the name of Bates Rearty. operty, $19,500. o. operty, 56,000 elianeous expenses, 3800 ; therefore, the cost of supplies used was 51,650.