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

1. Opened a business bank account with a deposit of $29,000 in the name of Bates Realty.
2. Purchased office supplies on account, $3,200.
3. Received cash from fees earned for managing rental property, $8,670.
4. Paid rent on office and equipment for the month, $3,930.
5. Paid creditors on account, $1,460.
6. Billed customers for fees earned for managing rental property, $7,280.
7. Paid automobile expenses for month, $870, and miscellaneous expenses, $440.
8. Paid office salaries, $2,770.
9. Determined that the cost of supplies on hand was $1,890; therefore, the cost of supplies used was $1,310.
10. Withdrew cash for personal use, $2,620.

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)