Iransactions On June 1 of the current year, Chris Bates established a business to manage rental property. The following transoctions were completed during June: a. Opened a business bank sceount with a deposit of $38,000 in exchange for commen stoek: b. Purchased office supples on account, $2,170. c. Received cash from fees eamed for managing rental property, $6,000. d. Paid reat on office and equipment for the month, $2,660. e. Paid creditors on account, $980. f. Billed customers for fees earned for managing rental property, $4,920. 9. Paid automobile expenses for month, $590, and miscelianeous expenses, $300. h. Paid office salaries, 31,870 . 1. Determined that the cost of supplies on hand was $1,280; therefore, the cost of supplies used was $890. 1. Paid dividends, $1,770. 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. ( Examplet +300). 2. Stockholders' equity is the right of stockholders (owners) to the assets of the business. These rights are and by dividends and expenses. by issuing common stock and revenues 3. Determine the net income for June. 4. Haw much did June's transactions increase or decrease stockholders' equity? by $