a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $4,000. C. Paid creditors on account, $2,300. d. Received cash from fees earned on insurance commissions, $13,800. e. Paid rent on office and equipment for the month, $5,000. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. g. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. i. Billed insurance companies for sales commissions earned, $12,500. j. Withdrew cash for personal use, $3,900. 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 Equity Item Cash + Accounts Receivable + Supplies = Accounts Payable + Austin Amy Austin, Capital - Amy Austin, Drawing + Fees Earned Rent Expense Sal. Expense Supp. Expense Auto Expense Misc. Expense Bal. 2. Which of the following increased owner's equity? 3. Determine the net income for March. 4. March's transactions increased or decreased Amy Austin's capital to? to $ a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $4,000. C. Paid creditors on account, $2,300. d. Received cash from fees earned on insurance commissions, $13,800. e. Paid rent on office and equipment for the month, $5,000. f. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. g. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. i. Billed insurance companies for sales commissions earned, $12,500. j. Withdrew cash for personal use, $3,900. 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 Equity Item Cash + Accounts Receivable + Supplies = Accounts Payable + Austin Amy Austin, Capital - Amy Austin, Drawing + Fees Earned Rent Expense Sal. Expense Supp. Expense Auto Expense Misc. Expense Bal. 2. Which of the following increased owner's equity? 3. Determine the net income for March. 4. March's transactions increased or decreased Amy Austin's capital to? to $