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 $43,000 from personal funds. b. Purchased office supplies on account, $2,930. c. Received cash from fees earned for managing rental property, $8,040. d. Paid rent on office and equipment for the month, $3,600. e. Paid creditors on account, $1,330. f. Billed customers for fees earned for managing rental property, $6,670. g. Paid automobile expenses (including rental charges) for the month, $800, and miscellaneous expenses, $400. h. Paid office salaries, $2,530. i. Determined that the cost of supplies on hand was $1,730; therefore, the cost of supplies used was $1,200. j. Withdrew cash for personal use, $2,400. 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