On June 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 $ from personal funds.

Purchased office supplies on account, $

Received cash from fees earned for managing rental property, $

Paid rent on office and equipment for the month, $

Paid creditors on account, $

Billed customers for fees earned for managing rental property, $

Paid automobile expenses including rental charges for the month, $ and miscellaneous expenses, $

Paid office salaries, $

Determined that the cost of supplies on hand was $; therefore, the cost of supplies used was $

Withdrew cash for personal use, $

Required:

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: