Required:

Indicate the effect of each transaction and the balances after each transaction:

If an amount box does not require an entry, leave it blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. $($Example: $-300)$On June $1$ of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June:

Opened a business bank account with a deposit of $$75,000$ in the name of Bates Realty.

Purchased office supplies on account, $$2,200.$

Received cash from fees earned for managing rental property, $$19,500.$

Paid rent on office and equipment for the month, $$8,000.$

Paid creditors on account, $$1,850.$

Billed customers for fees earned for managing rental property, $$6,000.$

Paid automobile expenses for month, $$1,500,$ and miscellaneous expenses, $$800.$

Paid office salaries, $$5,500.$

Determined that the cost of supplies on hand was $$550$; therefore, the cost of supplies used was $$1,650.$

Withdrew cash for personal use, $$4,000.$