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 $49,000 from personal funds. b. Purchased office supplies on account, $3,130. c. Received cash from fees earned for managing rental property, $8,490. d. Paid rent on office and equipment for the month, $3,850. e. Paid creditors on account, $1,430. f. Billed customers for fees earned for managing rental property, $7,130. g. Paid automobile expenses (including rental charges) for the month, $860, and miscellaneous expenses, $430. h. Paid office salaries $2,710. I. Determined that the cost of supplies on hand was $1,850; therefore, the cost of supplies used was $1,280. J. Withdrew cash for personal use, $2,570. 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 blanic For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets Accounts Cash Receivable + Supplies Liabilities + Accounts Payable + a. 49,000 b. 1,310 X 1,310 X Bal. 8,400 x c -3,850 x Bal. -1,430 x -1,430 x d. 7,130 X Bal. -1,290 X e. -2,710 X Bal. 1,280 X t. -2,570 X Bal. Q. Bal. h. Bal. i. Bal. Pamela Schatz, Capital 49,000 Owner's Equity Pamela Schatz, Drawing Earned Rent Expense Salaries Expense Supplies Expense Auto Misc. Expense Expense 8,400 x 3,050 x 7,130 X 860 X -2,710 x -1,280 X -430 x j. -2,570 v Bal. 45,550 X 7,130 v 300 x 120 X 49,000 2,570 v 15,530 X 4,710 X 2,710 v 1.280 430 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.