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 $40,000 in exchange for common stock.

Purchased office supplies on account, $1,780.

Received cash from fees earned for managing rental property, $5,060.

Paid rent on office and equipment for the month, $2,190.

Paid creditors on account, $810.

Billed customers for fees earned for managing rental property, $4,050.

Paid automobile expenses for month, $490, and miscellaneous expenses, $240.

Paid office salaries, $1,540.

Determined that the cost of supplies on hand was $1,050; therefore, the cost of supplies used was $730.

Paid dividends, $1,460.

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)

Assets = Liabilities + Stockholders' Equity

Item	Cash	+	Accounts Receivable	+	Supplies	=	Accounts Payable	+	Common Stock	-	Dividends	+	Fees Earned	-	Rent Expense	-	Salaries Expense	-	Supplies Expense	-	Auto Expense	-	Miscellaneous Expense	Item
a.		+		+		=		+		-		+		-	fill in the blank 8	-	fill in the blank 9	-	fill in the blank 10	-	fill in the blank 11	-	fill in the blank 12	a.
b.		+		+		=		+		-		+		-	fill in the blank 20	-	fill in the blank 21	-	fill in the blank 22	-	fill in the blank 23	-	fill in the blank 24	b.
Bal.		+		+		=		+		-		+		-	fill in the blank 32	-	fill in the blank 33	-	fill in the blank 34	-	fill in the blank 35	-	fill in the blank 36	Bal.
c.		+		+		=		+		-		+		-	fill in the blank 44	-	fill in the blank 45	-	fill in the blank 46	-	fill in the blank 47	-	fill in the blank 48	c.
Bal.		+		+		=		+		-		+		-	fill in the blank 56	-	fill in the blank 57	-	fill in the blank 58	-	fill in the blank 59	-	fill in the blank 60	Bal.
d.		+		+		=		+		-		+		-	fill in the blank 68	-	fill in the blank 69	-	fill in the blank 70	-	fill in the blank 71	-	fill in the blank 72	d.
Bal.		+		+		=		+		-		+		-	fill in the blank 80	-	fill in the blank 81	-	fill in the blank 82	-	fill in the blank 83	-	fill in the blank 84	Bal.
e.		+		+		=		+		-		+		-	fill in the blank 92	-	fill in the blank 93	-	fill in the blank 94	-	fill in the blank 95	-	fill in the blank 96	e.
Bal.		+		+		=		+		-		+		-	fill in the blank 104	-	fill in the blank 105	-	fill in the blank 106	-	fill in the blank 107	-	fill in the blank 108	Bal.
f.		+		+		=		+		-		+		-	fill in the blank 116	-	fill in the blank 117	-	fill in the blank 118	-	fill in the blank 119	-	fill in the blank 120	f.
Bal.		+		+		=		+		-		+		-	fill in the blank 128	-	fill in the blank 129	-	fill in the blank 130	-	fill in the blank 131	-	fill in the blank 132	Bal.
g.		+		+		=		+		-		+		-	fill in the blank 140	-	fill in the blank 141	-	fill in the blank 142	-	fill in the blank 143	-	fill in the blank 144	g.
Bal.		+		+		=		+		-		+		-	fill in the blank 152	-	fill in the blank 153	-	fill in the blank 154	-	fill in the blank 155	-	fill in the blank 156	Bal.
h.		+		+		=		+		-		+		-	fill in the blank 164	-	fill in the blank 165	-	fill in the blank 166	-	fill in the blank 167	-	fill in the blank 168	h.
Bal.		+		+		=		+		-		+		-	fill in the blank 176	-	fill in the blank 177	-	fill in the blank 178	-	fill in the blank 179	-	fill in the blank 180	Bal.
i.		+		+		=		+		-		+		-	fill in the blank 188	-	fill in the blank 189	-	fill in the blank 190	-	fill in the blank 191	-	fill in the blank 192	i.
Bal.		+		+		=		+		-		+		-	fill in the blank 200	-	fill in the blank 201	-	fill in the blank 202	-	fill in the blank 203	-	fill in the blank 204	Bal.
j.		+		+		=		+		-		+		-	fill in the blank 212	-	fill in the blank 213	-	fill in the blank 214	-	fill in the blank 215	-	fill in the blank 216	j.
Bal.		+		+		=		+		-		+		-	fill in the blank 224	-	fill in the blank 225	-	fill in the blank 226	-	fill in the blank 227	-	fill in the blank 228	Bal.

2. Stockholders equity is the right of stockholders (owners) to the assets of the business. These rights are

increaseddecreased

by issuing common stock and revenues and

decreasedincreased

by dividends and expenses.

3. Determine the net income for June. fill in the blank 1 of 1$

4. How much did Junes transactions increase or decrease stockholders equity?

DecreasedIncreased

by fill in the blank 1 of 1$