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 $41,000 in exchange for common stock. b. Purchased office supplies on account, $3,200. c. Received cash from fees earned for managing rental property, $8,760. d. Paid rent on office and equipment for the month, $3,930. e. Paid creditors on account, $1,450. f. Billed customers for fees earned for managing rental property, $7,270. 9. Paid automobile expenses for month, $870, and miscellaneous expenses, $440. h. Paid office salaries, $2,760. 1. Determined that the cost of supplies on hand was $1,890; therefore, the cost of supplies used was $1,310. J. Paid dividends, $2,620. 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 Accounts Accounts Item Cash + Receivable + Supplies Payable + Common Stock Fees Dividends + Earned Rent - Expense Salaries Expense Supplies Expense a. b. Bal. C Bal. d. Bal.