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 $44,000 in exchange for common stock. b. Purchased office supplies on account, $2,590. c. Received cash from fees eanged for managing rental property, $7,100. d. Paid rent on office and equipment for the month, $3,180. e. Paid creditors on account, $1,180. f. Billed customers for fees earned for managing rental property, $5,890. g. Paid automobile expenses for month, $710, and miscellaneous expenses, $350. h. Paid office salaries, $2,240.1 1. Determined that the cost of supplies on hand was $1,530; therefore, the cost of supplies used was $1,060. J. Paid dividends, $2,120. 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) Stockholders' Equity Assets Liabilities + Item Cash Accounts +Receivable + Accounts Supplies Payable + Common Stock Dividends + Fees Earned Rent Expense a. b. Bal c. Bal.. d. Bal. e. Bal. f. Bal. 9 Bal. h. Bal. Salaries Sup Expense Exp