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Transactions On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $41,000 from personal funds. . Purchased office supplies on account, $2,770. C. Received cash from fees earned for managing rental property, $7,760. 1. Paid rent on office and equipment for the month, $3,400. e. Paid creditors on account, $1,260. f. Billed customers for fees earned for managing rental property, $6,290. 9. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $380. h. Paid office salaries, $2,390. i. Determined that the cost of supplies on hand was $1,640; therefore, the cost of supplies used was $1, 130. j. Withdrew cash for personal use, $2,260. 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 Owner's Equity Accounts Chad Chad Rent Salaries Supplies Auto Misc. Item Cash Fees + Accounts Receivable + Supplies Payable Wilson, Wilson, Capital Drawing Earned Expense Expense Expense Expense Expense Bal. Bal. Bal. Bal. Bal. g . Bal . h . Bal. Bal. Bal