Transactions On June 1 of the current year, Chris Bates established a proprietorship to mavage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $29,000 in the name of Bates Realty. b. Purchased office supplies on account, $2,610. c. Received cash from fees earned for managing rental property, $7,220, d. Paid rent on office and equipment for the month, $3,200. e. Paid creditors on account, $1,180. t. Billed customers for fees earned for managing rental property, $5,920. 9. Paid automobile expenses for month, $710, and miscellaneous expenses, $360. h. Paid office salaries, $2,250. i. Determined that the cost of supplies on hand was $1,540; therefore, the cost of supplies used was $1,070. j. Withdrew cash for personal use, $2,130. 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. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Next >

Transactions On June 1 of the current year, Chris Bates established a proprietorship to mavage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $29,000 in the name of Bates Realty. b. Purchased office supplies on account, \$2,610. c. Received cash from fees earned for managing rental property, $7,220, d. Paid rent on office and equipment for the month, $3,200. e. Paid creditors on account, $1,180. t. Billed customers for fees earned for managing rental property, $5,920. 9. Paid automobile expenses for month, $710, and miscellaneous expenses, $360. h. Paid office salaries, $2,250. i. Determined that the cost of supplies on hand was $1,540; therefore, the cost of supplies used was $1,070. j. Withdrew cash for personal use, $2,130. 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. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Next >