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On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June: a .

On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:
a. Opened a business bank account with a deposit of $75,000 in exchange for common stock.
b. Purchased office supplies on account, $2,200.
c. Received cash from fees earned for managing rental property, $19,500.
d. Paid rent on office and equipment for the month, $8,000.
e. Paid creditors on account, $1,850.
f. Billed customers for fees earned for managing rental property, $6,000.
g. Paid automobile expenses for month, $1,500, and miscellaneous expenses, $800.
h. Paid office salaries, $5,500.
i. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,650.
j. Paid dividends, $4,000.
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