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 $36,000 in exchange for common stock. b. Purchased office supplies on account, $1,890. c. Received cash from fees earned for managing rental property, $5,310. d. Paid rent on office and equipment for the month, $2,320. e. Paid creditors on account, $860. f. Billed customers for fees eamed for managing rental pronerty, $4,300. 9. Paid automobile exenses for month, $520, and miscellaneous expenses, $260. h. Paid office salaries, $1,630. i. Determined that the cost of supplies on hand was $1,120; therefore, the cost of supplies used was $770. j. Paid dividends, $1,550. Required: 1. Indicate the effect of each transaction and the balances after each transaction: If an amount box dges not require an entry, leave it blank. For those boxes in wn regative numbers use a minus sign. (Example: -300 ) 3 more Check My Work uses remaining \begin{tabular}{l} Item \\ \hline a. \\ b. \\ Bal. \end{tabular} c. Bal. d. Bal. e. 1. Bai. 0. Bat. h. Bal. Ched My Work 3 more Check My Work uses remaining common stock and revenues and by issuing by dividends and expenses. 3. Determine the net income for June. 4. How much did June's transactions increase or decrease stockholders' equity? by 5 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 $36,000 in exchange for common stock. b. Purchased office supplies on account, $1,890. c. Received cash from fees earned for managing rental property, $5,310. d. Paid rent on office and equipment for the month, $2,320. e. Paid creditors on account, $860. f. Billed customers for fees eamed for managing rental pronerty, $4,300. 9. Paid automobile exenses for month, $520, and miscellaneous expenses, $260. h. Paid office salaries, $1,630. i. Determined that the cost of supplies on hand was $1,120; therefore, the cost of supplies used was $770. j. Paid dividends, $1,550. Required: 1. Indicate the effect of each transaction and the balances after each transaction: If an amount box dges not require an entry, leave it blank. For those boxes in wn regative numbers use a minus sign. (Example: -300 ) 3 more Check My Work uses remaining \begin{tabular}{l} Item \\ \hline a. \\ b. \\ Bal. \end{tabular} c. Bal. d. Bal. e. 1. Bai. 0. Bat. h. Bal. Ched My Work 3 more Check My Work uses remaining common stock and revenues and by issuing by dividends and expenses. 3. Determine the net income for June. 4. How much did June's transactions increase or decrease stockholders' equity? by 5
