Calculator Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $32,000 from personal funds. b. Purchased office supplies on account, $2,440 c. Received cash from fees narned for managing rental property, $6,830. d. Paid rent on office and equipment for the month, $2,990. e. Paid creditors on account, $1.110. f. Billed customers for fees earned for managing rental property, $5,530. g. Paid automobile expenses (including rental charges) for the month, $660, and miscellaneous expenses, $330. h. Paid office salaries, $2,100. i, Determined that the cost of supplies on hand was $1,440; therefore, the cost of supplies used was $1,000. 1, Withdrew cash for personal use, $1,990 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) -Liabilities Owner's Equity Assets Chad Chad Accounts Salaries Supplies Auto Misc. Fees Rent Accounts Supplies Wilson, Wilson, Item Cash Earned xpense Expense Expense Expense Payable Expense Receivable Capital Drawing a. b. Bal. Bal. d. Bal. e. Bal. Bal. All work saved 23 Caloutator Chod Chad Supplies Misc. Fees Rent Salaries Auto Acceunts Accounts Wilson, wilson, Item Cash Supplies Receivable Expense Payable Earned Expense Expense Expense Expense Drawing Capital a b. Bal. Bal. d. Bal. Bal. f. Bal. Bal. h. Bal. Bal. Bal. by owner's withdrawals and expenses by owner's investments and revenues and 2. Owner's equity is the right of owners to the assets of the business. These rights are 3. Detemine the net income for June 4. June's transactions (a- increased or decreased Chad Wilson's capital to? v to All work saved