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 $31,000 in exchange for common stock. b. Purchased office supplies on account, $1,950. c. Received cash from fees earned for managing rental property, $5,470. d. Paid rent on office and equipment for the month, $2,390. e. Paid creditors on account, $890. f. Billed customers for fees earned for managing rental property, $4,430. g. Paid automobile expenses for month, $530, and miscellaneous expenses, $270. h. Paid office salaries, $1,680. i. Determined that the cost of supplies on hand was $1,150; therefore, the cost of supplies used was $800. j. Paid dividends, $1,590. 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 )