Transactions On June 1 of the current year, Chad Wilson established a business to manage rental...

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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 $34,000 from personal funds. b. Purchased office supplies on account, $2,340. c. Received cash from fees earned for managing rental property, $6,560. d. Paid rent on office and equipment for the month, $2,870. e. Paid creditors on account, $1,060. f. Billed customers for fees earned for managing rental property, $5,310. g. Paid automobile expenses (including rental charges) for the month, $640, and miscellaneous expenses, $320. h. Paid office salaries, $2,020. 1. Determined that the cost of supplies on hand was $1,380; therefore, the cost of supplies used was $960. j. Withdrew cash for personal use, $1,910. 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) 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 $34,000 from personal funds. b. Purchased office supplies on account, $2,340. c. Received cash from fees earned for managing rental property, $6,560. d. Paid rent on office and equipment for the month, $2,870. e. Paid creditors on account, $1,060. f. Billed customers for fees earned for managing rental property, $5,310. g. Paid automobile expenses (including rental charges) for the month, $640, and miscellaneous expenses, $320. h. Paid office salaries, $2,020. 1. Determined that the cost of supplies on hand was $1,380; therefore, the cost of supplies used was $960. j. Withdrew cash for personal use, $1,910. 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)