On June $1$ of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:

Opened a business bank account with a deposit of $$32,000$ in exchange for common stock.

Purchased office supplies on account, $$3,400.$

Received cash from fees earned for managing rental property, $$9,530.$

Paid rent on office and equipment for the month, $$4,170.$

Paid creditors on account, $$1,540.$

Billed customers for fees earned for managing rental property, $$7,720.$

Paid automobile expenses for month, $$930,$ and miscellaneous expenses, $$460.$

Paid office salaries, $$2,930.$

Determined that the cost of supplies on hand was $$2,010$; therefore, the cost of supplies used was $$1,390.$

Paid dividends, $$2,780.$

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: $-300)$