OBJ.4 PR 1-1A Transactions Cash bal, at end of Jean Howard established an insurance agency on July 1 of the current year and completed July: $50,450 the following transactions during July: a. Opened a business bank account with a deposit of $50,000 from personal funds. b. Purchased supplies on account, $1,600. c. Paid creditors on account, $500. d. Received cash from fees earned on insurance commissions, $9,250. e. Paid rent on office and equipment for the month, $2,500. f. Paid automobile expenses for month, $900, and miscellaneous expenses, $300. g. Paid office salaries, $1,900. h. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,050. 1. Billed insurance companies for sales commissions earned, $11,150. j. Withdrew cash for personal use, $2,700. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets = Liabilities + Owner's Equity Jean Jean Accounts Accounts Howard, Howard, Fees Rent Salaries Supplies Auto Mic Cash + Receivable + Supplies = Payable + Capital Drawing + Earned - Expense - Expense - Expense - Expense - Expense 2. Briefly explain why the owner's investment and revenues increased owner's equity, while withdrawals and expenses decreased owner's equity