Transactions On June 1 of the current year, Chris Bates established a proprietorship to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $44,000 in the name of Bates Realty. b. Purchased office supplies on account, $3,550. c. Received cash from fees earned for managing rental property, $9,840. d. Paid rent on office and equipment for the month, $4,360. e. Paid creditors on account, $1,610. f. Billed customers for fees earned for managing rental property, $8,070. g. Paid automobile expenses for month, $970, and miscellaneous expenses, $480. h. Paid office salaries, $3,070. i. Determined that the cost of supplies on hand was $2,100; therefore, the cost of supplies used was $1,450. j. Withdrew cash for personal use, $2,910. 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 ) 2. Owner's equity is the rights of the owner to the assets of the business. These rights are by owner investments and revenues and by owner withdrawals and expenses. 3. Determine the net income for June. 4. How much did June's transactions increase or decrease owner's equity? by s