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. c. Received cash from fees earned for managing rental property, $10,000. d. Paid rent on office and equipment for the month, $4,500. e. Paid creditors on account, $1,250. f. Billed customers for fees earned for managing rental property, $16,800. g. Paid automobile expenses (including rental charges) for the month, $750, and miscellaneous expenses, $980. h. Paid office salaries, $4,000. i. Determined that the cost of supplies on hand was $680; therefore, the cost of supplies used was $1,120. j. Withdrew cash for personal use, $7,500. Required: Indicate the effect of each transaction and the balances after each transaction. Briefly explain why owner's investment and revenues increased owner's equity, while withdrawals and expenses decreased owner's equity.