Transactions On June 1 of the current year, Pamela Schatz established a business to manage rental property. She completed the following transactions during June: a. Opened a business bank account with a deposit of $32,000 from personal funds. b. Purchased office supplies on account, $3,370. c. Received cash from fees earned for managing rental property, $9,430. d. Paid rent on office and equipment for the month, $4,130. e. Paid creditors on account, $1,530. f. Billed customers for fees earned for managing rental property, $7,640. g. Paid automobile expenses (including rental charges) for the month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,900. i. Determined that the cost of supplies on hand was $1,990; therefore, the cost of supplies used was $1,380. j. Withdrew cash for personal use, $2,750. 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 Owner's Equity Item Cash Accounts Receivable Supplies Accounts Payable Pamela Schatz, Pamela Schatz, Capital Drawing Fees Earned Rent Expense Salaries Expense Supplies Expense Auto Expense Misc. Expense a. 32,000 32,000 3,370 3,370 b. Bal. 32,000 C. 9,430 9,430 Bal. 41,430 3,370 3,370 32,000 9,430 d. -4,130 Bal. 3,370 3,370 32,000 Bal. f. Bal. 9. Bal. h. Bal. i. Bal. j Bal. 2. Owner's equity is the right of owners to the assets of the business. These rights are 3. Determine the net income for June. by owner's investments and revenues and by owner's withdrawals and expenses.