Transactions On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $30,000 in exchange for common stock. b. Purchased office supplies on account, $2,060. C. Recelved cash from fees eamed for managing rental property, $5,710. d. Paid rent on office and equipment for the month, $2,530. e. Paid creditors on account, $940. f. Billed customers for fees earned for managing rental property, $4,680. 9. Paid automobile expenses for month, $560, and miscellaneous expenses, $280. h. Paid office salaries, $1,780. 1. Determined that the cost of supplies on hand was $1,220; therefore, the cost of supplies used was $840. 1. Paid dividends, $1,680. Required: 1. Indicate the effect of each transaction and the balances after each transaction: If an amount box does not require an entry, leave it blank. 8 more Check My Work uses remaining. 2. Stockholders' equity is the right of stockholders (owners) to the assets of the business. These rights are common stock and revenues and by dividends and expenses. 3. Determine the net income for June. 4. How much did June's transactions increase or decrease stockholders' equity? by 5 x