Chapter 01 Homework 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 $27,000 in exchange for common stock. b. Purchased office supplies on account, $2,440. c. Received cash from fees earned for managing rental property, $6,750. d. Paid rent on office and equipment for the month, $2,990. Paid creditors on account, $1,110. f. Billed customers for fees earned for managing rental property, $5,540. g. Paid automobile expenses for month, $660, and miscellaneous expenses, $330. h. Paid office salaries, $2,110. i. Determined that the cost of supplies on hand was $1,440; therefore, the cost of supplies used was $1,000. j. Paid dividends, $1,990. 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)