PR 1-1A Transactions On September 1 of the current year, Maria Edsall established a business to manage rental property. She completed the following transactions during September: a. Opened a business bank account with a deposit of $40,000 from personal funds. b. Purchased supplies (pens, file folders, and copy paper) on account, $2,200. c. Received cash from fees earned for managing rental property, $6,000. d. Paid rent on office and equipment for the month, $2,700. e. Paid creditors on account, $1,000. f. Billed customers for fees earned for managing rental property, $5,000. 8. Paid automobile expenses (including rental charges) for month, $600, and miscella- neous expenses, $300. h. Paid office salaries, $1,900. Determined that the cost of supplies on hand was $1,300, therefore, the cost of sup plies used was $900. 1. Withdrew cash for personal use, $1,800. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Assets Liabilities + Accounts Accounts Maria Edsall Receivable Supplies - Payable - Capital Owner's Equity Fees Rent Salaries Supplies Auto Misc. - Eamed - Expense - Expense - Expense - Expense - Expense Cash Maria Edsall Drawing