On June 1 of the current year, Chad Wilson established a business to manage rental property. He completed the following transactions during June: a. Opened a business bank account with a deposit of $30,000 from personal funds.
b. Purchased office supplies on account, $1,800. Received cash from fees earned for managing rental property, $10,000.
c. Paid rent on office and equipment for the month, $4,500. Paid creditors on account, $1,250.
d. Billed customers for fees earned for managing rental property, $16,800.
e. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980.
f. Paid office salaries, $4,000. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120.
g. Withdrew cash for personal use, $7,500.

Required:
Indicate the effect of each transaction and the balances after each transaction.