On June of the current year, Chris Bates established a business to manage rental property. The following transactions were completed during June:
Opened a business bank account with a deposit of $ in exchange for common stock.
Purchased office supplies on account, $
Received cash from fees earned for managing rental property, $
Paid rent on office and equipment for the month, $
Paid creditors on account, $
Billed customers for fees earned for managing rental property, $
Paid automobile expenses for month, $ and miscellaneous expenses, $
Paid office salaries, $
Determined that the cost of supplies on hand was $; therefore, the cost of supplies used was $
Paid dividends, $
Required:
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:
