Transactions

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

1. Opened a business bank account with a deposit of $32,000 from personal funds.
2. Purchased office supplies on account, $1,960.
3. Received cash from fees earned for managing rental property, $5,510.
4. Paid rent on office and equipment for the month, $2,410.
5. Paid creditors on account, $890.
6. Billed customers for fees earned for managing rental property, $4,460.
7. Paid automobile expenses (including rental charges) for the month, $540, and miscellaneous expenses, $270.
8. Paid office salaries, $1,690.
9. Determined that the cost of supplies on hand was $1,160; therefore, the cost of supplies used was $800.
10. Withdrew cash for personal use, $1,610.

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 EquityItemCash+Accounts Receivable+Supplies=Accounts Payable+Pamela Schatz, Capital-Pamela Schatz, Drawing+Fees Earned-Rent Expense-Salaries Expense-Supplies Expense-Auto Expense-Misc. Expensea.fill in the blank 1fill in the blank 2fill in the blank 3fill in the blank 4fill in the blank 5fill in the blank 6fill in the blank 7fill in the blank 8fill in the blank 9fill in the blank 10fill in the blank 11fill in the blank 12b.fill in the blank 13fill in the blank 14fill in the blank 15fill in the blank 16fill in the blank 17fill in the blank 18fill in the blank 19fill in the blank 20fill in the blank 21fill in the blank 22fill in the blank 23fill in the blank 24Bal.fill in the blank 25fill in the blank 26fill in the blank 27fill in the blank 28fill in the blank 29fill in the blank 30fill in the blank 31fill in the blank 32fill in the blank 33fill in the blank 34fill in the blank 35fill in the blank 36c.fill in the blank 37fill in the blank 38fill in the blank 39fill in the blank 40fill in the blank 41fill in the blank 42fill in the blank 43fill in the blank 44fill in the blank 45fill in the blank 46fill in the blank 47fill in the blank 48Bal.fill in the blank 49fill in the blank 50fill in the blank 51fill in the blank 52fill in the blank 53fill in the blank 54fill in the blank 55fill in the blank 56fill in the blank 57fill in the blank 58fill in the blank 59fill in the blank 60d.fill in the blank 61fill in the blank 62fill in the blank 63fill in the blank 64fill in the blank 65fill in the blank 66fill in the blank 67fill in the blank 68fill in the blank 69fill in the blank 70fill in the blank 71fill in the blank 72Bal.fill in the blank 73fill in the blank 74fill in the blank 75fill in the blank 76fill in the blank 77fill in the blank 78fill in the blank 79fill in the blank 80fill in the blank 81fill in the blank 82fill in the blank 83fill in the blank 84e.fill in the blank 85fill in the blank 86fill in the blank 87fill in the blank 88fill in the blank 89fill in the blank 90fill in the blank 91fill in the blank 92fill in the blank 93fill in the blank 94fill in the blank 95fill in the blank 96Bal.fill in the blank 97fill in the blank 98fill in the blank 99fill in the blank 100fill in the blank 101fill in the blank 102fill in the blank 103fill in the blank 104fill in the blank 105fill in the blank 106fill in the blank 107fill in the blank 108f.fill in the blank 109fill in the blank 110fill in the blank 111fill in the blank 112fill in the blank 113fill in the blank 114fill in the blank 115fill in the blank 116fill in the blank 117fill in the blank 118fill in the blank 119fill in the blank 120Bal.fill in the blank 121fill in the blank 122fill in the blank 123fill in the blank 124fill in the blank 125fill in the blank 126fill in the blank 127fill in the blank 128fill in the blank 129fill in the blank 130fill in the blank 131fill in the blank 132g.fill in the blank 133fill in the blank 134fill in the blank 135fill in the blank 136fill in the blank 137fill in the blank 138fill in the blank 139fill in the blank 140fill in the blank 141fill in the blank 142fill in the blank 143fill in the blank 144Bal.fill in the blank 145fill in the blank 146fill in the blank 147fill in the blank 148fill in the blank 149fill in the blank 150fill in the blank 151fill in the blank 152fill in the blank 153fill in the blank 154fill in the blank 155fill in the blank 156h.fill in the blank 157fill in the blank 158fill in the blank 159fill in the blank 160fill in the blank 161fill in the blank 162fill in the blank 163fill in the blank 164fill in the blank 165fill in the blank 166fill in the blank 167fill in the blank 168Bal.fill in the blank 169fill in the blank 170fill in the blank 171fill in the blank 172fill in the blank 173fill in the blank 174fill in the blank 175fill in the blank 176fill in the blank 177fill in the blank 178fill in the blank 179fill in the blank 180i.fill in the blank 181fill in the blank 182fill in the blank 183fill in the blank 184fill in the blank 185fill in the blank 186fill in the blank 187fill in the blank 188fill in the blank 189fill in the blank 190fill in the blank 191fill in the blank 192Bal.fill in the blank 193fill in the blank 194fill in the blank 195fill in the blank 196fill in the blank 197fill in the blank 198fill in the blank 199fill in the blank 200fill in the blank 201fill in the blank 202fill in the blank 203fill in the blank 204j.fill in the blank 205fill in the blank 206fill in the blank 207fill in the blank 208fill in the blank 209fill in the blank 210fill in the blank 211fill in the blank 212fill in the blank 213fill in the blank 214fill in the blank 215fill in the blank 216Bal.fill in the blank 217fill in the blank 218fill in the blank 219fill in the blank 220fill in the blank 221fill in the blank 222fill in the blank 223fill in the blank 224fill in the blank 225fill in the blank 226fill in the blank 227fill in the blank 228

2. Owner's equity is the right of owners to the assets of the business. These rights are

increaseddecreased

by owner's investments and revenues and

increaseddecreased

by owner's withdrawals and expenses.

3. Determine the net income for June. $fill in the blank 231

4. Determine the owner's equity on June 30. $fill in the blank 232

by ownerts withdrawals and expences. 3. Determine the nat inceme for Xane. 4. Determitue the owne's equity on Jure 30 On kine 1 of the current year, Pameca Schatz estabished a business to manage rental preperty, She completed the follewing tonkactions doring Jumi: a. Coened a buliness bank account with a depost of $32,000 from personal funds. b. Purchased office supplies on account, $1,960. c. Recteived cash from fees earned for managing rental property, 35,510 . d. Paid rent on office and equipment for the monsh, $2,410. e. Paid creditors en occount, $890. f. Bitied customers for fees eamed for managing rental progerty, $4,460. 9. Paid autemobile expenses (including rental charges) for the month, 3540 , ond miscelianeous expenses, $270. h. Paid office salaries, $1,690. L. Determined thot the cost of supplies on hand was $1,160; therefort, the cost of subplles used mas $800. j. Whthdrew cash for personal use, $1,610. Required: 1. Indicke the effect of each transaction and the balances after esch Iransaction For those bones in which no entry is required, leave the box blank