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 $47,000 from personal funds. b. Purchased office supplies on account, $2,100. c. Received cash from fees earned for managing rental property, $5,690. d. Paid rent on office and equipment for the month, $2,580. e. Paid creditors on account, $960. f. Billed customers for fees earned for managing rental property, $4,780. 9. Paid automobile expenses (including rental charges) for the month, $570, and miscellaneous expenses, $290. h. Paid office salaries, 51,820. . Determined that the cost of supplies on hand was $1,240; therefore, the cost of supplies used was $860. j. Withdrew cash for personal use, $1,720. 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 Misc. Accounts Payable Pamela Schatz, Capital Pamela Schatz, Drawing Fees Earned Owner's Equity Rent Salaries Expense Expense Supplies Expense Item Auto Expense Cash + + + Supplies + Expense a. 55,000 X b. 18,300 x Bal. 18,300 x IC. Bal. 18,300 X d. 8,300 x Bal. 18,300 x 8,300 x le. Bal. 18,300 8,300 X f. 30,800 x 30,800 x 30,800 x Bal. 49,100 x 8,300X Ig. 9. 1,380 X 1,800 X Bal. 30,800 x 0,300) * 55,000 X 49,100 x 8,300 X 1,380 X 1,800 x Ih. 7,300 x Bal. 30,800 x 55,000 X 49,100 X 8,300 x 7,300 X 1,380 X 1,800 x i. 2,050 x Bal. 30,800 X 55,000 x 49,100 X 8,300 x 7,300 X 2,050 x 1,380 1,800 x 1) j. 13,800 X Bal. 3,080 X 55,000 X 13,800 x 49,100 x 8,300 X 7,300 X 2,050 X 1,380 x 1,800 X 2. Owner's equity is the right of owners to the assets of the business. These rights are increased by owner's investments and revenues and decreased by owner's withdrawals and expenses