On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June: Opened a business bank account with a deposit of $41,000 in exchange for common stock. Purchased office supplies on account, $3,490. Received cash from fees earned for managing rental property, $9,560. Paid rent on office and equipment for the month, $4,280. Paid creditors on account, $1,590. Billed customers for fees earned for managing rental property, $7,930. Paid automobile expenses for month, $950, and miscellaneous expenses, $480. Paid office salaries, $3,010. Determined that the cost of supplies on hand was $2,060; therefore, the cost of supplies used was $1,430. Paid dividends, $2,850. Required: 1. Ind