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 $39,000 from personal funds. Purchased office supplies on account, $2,280. Received cash from fees earned for managing rental property, $6,250. Paid rent on office and equipment for the month, $2,800. Paid creditors on account, $1,040. Billed customers for fees earned for managing rental property, $5,190. Paid automobile expenses (including rental charges) for the month, $620, and miscellaneous expenses, $310. Paid office salaries, $1,970. Determined that the cost of supplies on hand was $1,350; therefore, the cost of supplies used was $930. Withdrew cash for personal use, $1,870. 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)