On June 1 of the Current year, Bret Eisen established a business to manage rental property. He completed the following transactions during June: A. Opened a business bank account with a deposit of $30,000 from personal funds. B. Purchased office supplies on account, $1,200. C. Received cash from fees earned from managing rental property, $7,200. D. Paid rent on office and equipment for the month, $3,000. E. Paid creditors on account, $750. F. Billed customers for fees earned for managing rental property, $5,000. G. Paid automobile expenses (including rental charges) for month, $600, and miscellaneous expenses, $300. H. Paid office salaries, $1,800. I. Determined that the cost of supplies on hand was $700, therefore, the cost of supplies used was $500. J. Withdrew cash for personal use, $1,500 Instructions: 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings:

Assets

= Liabilities +

Owner