On June 1 of the current year, Pamela Schatz established a business to manage rental property She completed the following transactions during June Opened a business bank account with a deposit of $31,000 from personal funds Purchased office supplies on account, $1,950 Received cash from fees earned for managing rental property, $5,330 Paid rent on office and equipment for the month, $2,390 Paid creditors on account, $880 Billed customers for fees earned for managing rental property, $4,420 Paid automobile expenses (including rental charges) for the month, $530, and miscellaneous expenses, $270 Paid office salaries, $1,680 Determined that the cost of supplies on hand was $1,150 therefore, the cost of supplies used was $800 Withdrew cash for personal use, $1,590 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)

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On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: Opened a

On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June:

Opened a business bank account with a deposit of $31,000 from personal funds.
Purchased office supplies on account, $1,950.
Received cash from fees earned for managing rental property, $5,330.
Paid rent on office and equipment for the month, $2,390.
Paid creditors on account, $880.
Billed customers for fees earned for managing rental property, $4,420.
Paid automobile expenses (including rental charges) for the month, $530, and miscellaneous expenses, $270.
Paid office salaries, $1,680.
Determined that the cost of supplies on hand was $1,150; therefore, the cost of supplies used was $800.
Withdrew cash for personal use, $1,590.

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)