Transactions

On June 1 of the current year, Maria Edsall established a business to manage rental property. She completed the following transactions during June:

Opened a business bank account with a deposit of $36,000 from personal funds.

Purchased supplies (pens, file folders, and copy paper) on account, $2,660.

Received cash from fees earned for managing rental property, $7,450.

Paid rent on office and equipment for the month, $3,260.

Paid creditors on account, $1,210.

Billed customers for fees earned for managing rental property, $6,030.

Paid automobile expenses for month, $720, and miscellaneous expenses, $360.

Paid office salaries, $2,290.

Determined that the cost of supplies on hand was $1,570; therefore, the cost of supplies used was $1,090.

Withdrew cash for personal use, $2,170.

Required:

1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which no entry is required, leave the box blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign.

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