(Solved): Transactions On June 1 of the current year, Chris Bates established a business to manage rental pro ...

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, $$\$3,310$$. c. Received cash from fees earned for managing rental property, $$\$9,280$$. d. Paid rent on office and equipment for the month, $$\$4,060$$. c. Paid creditors on account, $$\$1,500$$. f. Billed customers for fees earned for managing rental property, $$\$7,520$$. 9. Paid automoblle expenses for month, $$\$900$$, and miscellaneous expenses, $$\$450$$. h. Paid office salaries, $$\$2,860$$. 1. Determined that the cost of supplies on hand was $$\$1,960$$; therefore, the cost of supplies used was $$\$1,350$$. J. Paid dividends, $$\$2,710$$. 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 = Liabinities Stockholders' Equity. Cash + Rece ounts 2. Stockholders' equity is the right of stockholders (owners) to the assets of the business: These rights are by issuing commen stock and revenues and : by dividends and expenses. 3. Determine the net incorne for June. 4. How much did June's transactions increase or decrease stockholders' equity? by $$\$$$