Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental property She completed the following transactions during June Opened a business bank account with a deposit of $55,000 from personal funds Purchased office supplies on account, $3,300 Received cash from fees earned for managing rental property, $18,300 Paid rent on office and equipment for the month, $8,300 Paid creditors on account, $2,290 Billed customers for fees earned for managing rental property, $30,800 Paid automobile expenses (including rental charges) for the month, $1,380, and miscellaneous expenses, $1,800 Paid office salaries, $7,300 Determined that the cost of supplies on hand was $1,250 therefore, the cost of supplies used was $2,050 Withdrew cash for personal use, $13,800 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 (Example 300) Assets Liabilities Accounts Receivable Accounts Payable Pamela Schatz, Capital Pamela Schatz, Drawing Fees Earned Owner's Equity Rent Salaries Expense Expense Supplies Expense Item Cash Supplies a b Bal c Bal d Bal le Bal If Bal 9 Bal Th Bal i Bal j Bal 2 Owner's equity is the right of owners to the assets of the business These rights are by owner's investments and revenues and by owner's withdrawals and expenses B Determine the net income for June

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Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: Opened

Transactions

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

Opened a business bank account with a deposit of $55,000 from personal funds.
Purchased office supplies on account, $3,300.
Received cash from fees earned for managing rental property, $18,300.
Paid rent on office and equipment for the month, $8,300.
Paid creditors on account, $2,290.
Billed customers for fees earned for managing rental property, $30,800.
Paid automobile expenses (including rental charges) for the month, $1,380, and miscellaneous expenses, $1,800.
Paid office salaries, $7,300.
Determined that the cost of supplies on hand was $1,250; therefore, the cost of supplies used was $2,050.
Withdrew cash for personal use, $13,800.

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. (Example: -300)

Assets Liabilities Accounts Receivable Accounts Payable Pamela Schatz, Capital Pamela Schatz, Drawing Fees Earned Owner's Equity Rent Salaries Expense Expense Supplies Expense Item Cash + + Supplies + a. b. Bal. c. Bal. d. Bal. le. Bal. If. Bal. 9. Bal. Th. Bal. i. Bal. j. . Bal. 2. Owner's equity is the right of owners to the assets of the business. These rights are by owner's investments and revenues and by owner's withdrawals and expenses. B. Determine the net income for June