On June 1 of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $75,000 in the name of Bates Realty. 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. Withdrew cash for personal use, $4,000. 3. Determine the net income for June. $ 4. How much did June's transactions increase or decrease owner's equity? by $ ear, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June: k account with a deposit of $75,000 in the name of Bates Realty. es on account, $2,200. es earned for managing rental property, $19,500. equipment for the month, $8,000. int, $1,850. es earned for managing rental property, $6,000. ses for month, $1,500, and miscellaneous expenses, $800. 500. st of supplies on hand was $550; therefore, the cost of supplies used was $1,650. ional use, $4,000. 2. Owner's equity is the rights of the owner to the assets of the business. These rights are by owner investments and revenues and withdrawals and expenses. 3. Determine the net income for June