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, $$2,390.$

c$.$ Received cash from fees earned for managing rental property, $$6,460.$

d$.$ Paid rent on office and equipment for the month, $$2,930.$

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

f$.$ Billed customers for fees earned for managing rental property, $$5,430.$

g$.$ Paid automobile expenses for month, $$650,$ and miscellaneous expenses, $$330.$

h$.$ Paid office salaries, $$2,060.$

i$.$ Determined that the cost of supplies on hand was $$1,410$; therefore, the cost of supplies used was $$980.$

j$.$ Paid dividends, $$1,950.$

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: $-300)$