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 $43,000 from personal funds. b. Purchased office supplies on account, $2,590. c. Received cash from fees earned for managing rental property, $7,070. d. Paid rent on office and equipment for the month, $3,170. e. Paid creditors on account, $1,170. f. Billed customers for fees earned for managing rental property, $5,870. g. Paid automobile expenses (including rental charges) for the month, $700, and miscellaneous expenses, $350. h. Paid office salaries, $2,230. i. Determined that the cost of supplies on hand was $1,530; therefore, the cost of supplies used was $1,060. j. Withdrew cash for personal use, $2,110. 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)