Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: Opened a business bank account with a deposit of $50,000 from personal funds. Purchased supplies on account, $4,000. Paid creditors on account, $2,300. Received cash from fees earned on insurance commissions, $13,800. Paid rent on office and equipment for the month, $5,000. Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300. Paid office salaries, $2,500. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. Billed insurance companies for sales commissions earned, $12,500. Withdrew cash for personal use, $3,900. 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

Opened a business bank account with a deposit of $50,000 from personal funds.

Assets (Bank) = +$50,000

Stockholder's equity (capital) = +$50,000

Purchased supplies on account, $4,000.

Assets (supplies) = +$4,000

Liabilities (Accounts Payable) = +$4,000

Paid creditors on account, $2,300.

Assets (cash) = -$2,300

Liabilities (Accounts Payable) = -$2,300

Received cash from fees earned on insurance commissions, $13,800.

Assets (cash) = +$13,800

Service Revenue = +$13,800

Paid rent on office and equipment for the month, $5,000.

Assets (cash) = -$5,000

Expenses (Operating Expenses) = +$5,000

Paid automobile expenses for the month, $1,150, and miscellaneous expenses, $300.

Assets (cash) = -$1,450

Expenses (Operating Expenses) = -$1,150

Expenses (Miscellaneous Expenses) = -$300

Paid office salaries, $2,500.

Assets (cash) = -$2,500

Liabilities (Wages Payable) = -$2,500

Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300.

Supplies expense = +$1,300

Billed insurance companies for sales commissions earned, $12,500.

Service Revenue = +$12,500

Assets (Accounts Receivable) = +$12,500

Withdrew cash for personal use, $3,900.

Assets (Bank) = -$3,900

Expenses (Personal Expense) = +$3,900

answerimplicit;