v2.cengagenow.com Cengag... e M G S S S t S S S eBook Show Me How Transactions On June 1 of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June: a. Opened a business bank account with a deposit of $40,000 in exchange for common stock. b. Purchased office supplies on account, $2,390. C. Received cash from fees earned for managing rental property, $6,460. d. Paid rent on office and equipment for the month, $2,930. e. Paid creditors on account, $1,090. f. Billed customers for fees earned for managing rental property, $5,430. g. Paid automobile expenses for month, $650, and miscellaneous expenses, $330. h. Paid office salaries, $2,060. i. Determined that the cost of supplies on hand was $1,410; therefore, the cost of supplies used was $980. j. Paid dividends, $1,950. Required: 1. Indicate the effect of each transaction and the balances after each transaction: If an amount box does not require an entry, leave it blank. For those boxes in which you must enter subtractive or negative numbers use a minus sign. (Example: -300) Assets = Liabilities + Stockholders' Equity Accounts Accounts Common Fees Ren Salaries Sup Item Cash + Receivable + Supplies = Payable .+ Stock Dividends + Earned Expense Expense Exper a. Bal. Bal. d. Bal . Check My Work Previous Next > All work saved. Save and Exit Submit Assignment for Grading 20 DI DD % & 8 O