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 $$41,000$ in the name of Bates Realty.

b$.$ Purchased office supplies on account, $$3,480.$

c$.$ Received cash from fees earned for managing rental property, $$9,530.$

d$.$ Paid rent on office and equipment for the month, $$4,270.$

e$.$ Paid creditors on account, $$1,580.$

f$.$ Billed customers for fees earned for managing rental property, $$7,910.$

g$.$ Paid automobile expenses for month, $$950,$ and miscellaneous expenses, $$470.$

h$.$ Paid office salaries, $$3,010.$

i$.$ Determined that the cost of supplies on hand was $$2,060$; therefore, the cost of supplies used was $$1,420.$

j$.$ Withdrew cash for personal use, $$2,850.$

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: $-300)$

Determine the net income for June.

$

How much did June's transactions increase or decrease owner's equity?

by $