On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank account with a deposit of $46,000 from personal funds. b. Purchased office supplies on account, $2,250. c. Received cash from fees earned for managing rental property, $6,240. d. Paid rent on office and equipment for the month, $2,760. e. Paid creditors on account, $1,020. f. Billed customers for fees earned for managing rental property, $5,120. g. Paid automobile expenses (including rental charges) for the month, $610, and miscellaneous expenses, $310. h. Paid office salaries, $1,950. i. Determined that the cost of supplies on hand was $1,330; therefore, the cost of supplies used was $920. j. Withdrew cash for personal use, $1,840. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets = Liabilities + Accounts Item Cash + Receivable + Supplies = Accounts Payable Pamela Schatz, + Capital Pamela Scha Drawing