Transactions

On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June:

Opened a business bank account with a deposit of $33,000 from personal funds.

Purchased office supplies on account, $2,890.

Received cash from fees earned for managing rental property, $8,120.

Paid rent on office and equipment for the month, $3,550.

Paid creditors on account, $1,320.

Billed customers for fees earned for managing rental property, $6,580.

Paid automobile expenses (including rental charges) for the month, $790, and miscellaneous expenses, $390.

Paid office salaries, $2,500.

Determined that the cost of supplies on hand was $1,710; therefore, the cost of supplies used was $1,180.

Withdrew cash for personal use, $2,370.

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)