On June 1 of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were a. Opened a business bank account with a deposit of $38,000 in the name of Bates Realty. b. Purchased office supplies on account, $2,860. c. Received cash from fees earned for managing rental property, $8,020. d. Paid rent on office and equipment for the month, $3,510. e. Paid creditors on account, $1,300. f. Billed customers for fees earned for managing rental property, $6,500. g. Paid automobile expenses for month, $780, and miscellaneous expenses, $390. h. Paid office salaries, $2,470. i. Determined that the cost of supplies on hand was $1,690; therefore, the cost of supplies used was $1,170. j. Withdrew cash for personal use, $2,340. 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)