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 $48,000 in the name of Bates Realty. b. Purchased office supplies on account, $2,570. c. Received cash from fees earned for managing rental property, $7,060. d. Paid rent on office and equipment for the month, $3,160. e. Paid creditors on account, $1,170. f. Billed customers for fees earned for managing rental property, $5,860. g. Paid automobile expenses for month, $700, and miscellaneous expenses, $350. h. Paid office salaries, $2,230. i. Determined that the cost of supplies on hand was $1,520; therefore, the cost of supplies used was $1,050. j. Withdrew cash for personal use, $2,110. 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) Assets = Liabilities + Owner's Equity Chris Chris Fees Accounts Accounts Bates, Bates, Rent Salaries SUP Earned Item Cash Receivable + Supplies = Payable + Capital Drawing + Expense Expense Expe Bal. Check My Work Next