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 $$40,000$ in exchange for common stock.

b$.$ Purchased office supplies on account, $$2,400.$

c$.$ Received cash from fees earned for managing rental property, $$6,580.$

d$.$ Paid rent on office and equipment for the month, $$2,950.$

e$.$ Paid creditors on account, $$1,090.$

f$.$ Billed customers for fees earned for managing rental property, $$5,460.$

g$.$ Paid automobile expenses for month, $$660,$ and miscellaneous expenses, $$330.$

h$.$ Paid office salaries, $$2,070.$

i$.$ Determined that the cost of supplies on hand was $$1,420$; therefore, the cost of supplies used was $$980.$

j$.$ Paid dividends, $$1,970.$

Required:

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: $-300)$

$\backslash$table$[[$Item$,$Assets,$=$ Liabilities $+,$Stockholders' Equity,Item$],[,$Accounts,,Accounts,Common,,Fees,Rent,Salaries,Supplies,Auto,Miscellaneous$],[$Cash$,+$ Receivable $+,+$ Supplies,$=$ Payable,$+,$ Stock,$-$ Dividends,Earned,$-$ Expense,$-$ Expense,$-$ Expense,$-$ Expense,Expense$],[$a$.,40,000,,,,,,,,,,,,$a$.],[$b$.,,,,,,,,,,,,,$b$.],[$Bal$.,40,000,,,,,,,,,,,,$Bal.$],[$c$.,,,,,,,,,,,,,$c$.],[$Bal$.,,,,,,,,,,,,,$Bal.$],[$d$.,,,,,,,,,,,,,$d$.],[$Bal$.,,,,,,,,,,,,,$Bal.$],[$e$.,,,,,,,,,,,,,$wain.$],[$Bal$.,,,,,,,,,,,,,$e$.],[$f$.,,,,,,,,,,,,,$Bal.$],[$Bal$.,,,,,,,,,,,,,$f$.],[$g$.,,,,,,,,,,,,,$Bal.$],[$Bal$.,,,,,,,,,,,,,$g$.],[$h$.,,,,,,,,,,,,,$Bal.$],[$Bal$.,,,,,,,,,,,,,$h$.],[,,,,,,,,,,,,,$Bal.$],[$Bal$.,,,,,,,,,,,,,$i$.],[,,,,,,,,,,,,,$Bal.$],[$Bal$.,,,,,,,,,,,,,$j$.],[,,,$f stockhold,,,ene,,:$\text{'}b,$ng common,ock and rever,s and,$1,$Bal.$]]$