42 Chapter 1 inmroduction to Accounting and Business Problems: Series A Obi. 4 prop PR 1-1A Transactions Cash bal. at end of On September 1 of the current year, Joy Tucker established a business to manage rental September 527,975 ert. She completed the following transactions during September A Opened a business bank account with a deposut of $36,000 in exchange for common stock t Purchased office supplies on account, $1,800 C Received cash from fees earned for managing rental property.$6,750 D Paid rent on office and equipment for the month, $5,000 E Paid credtors on account, $1,375 F. Biled customers for fees earned for managing sental property, $9,500 automobile expenses for month, 5840, and miscellaneous expennes s960 H. Paid office salaries $3.600 t Determined that the cost of supplies on hand was $350, therefore, the cost of supplies used was 51,450 Paid dividends, $3,000 Instructions 1. Indicase the effect of each transaction and the balances after each transaction, using the following tabular headings tockholders' Equity Stock Dividends Eaned -Expense -Expense Expense Expense -Expense Briefly explain why issuing common stock and revenues increased stockholders' Accounts Common Fees Rent Salaries Supples uo Mi Cash+ Receivable+Supplies Payable Stock equity, while dividends and expenses decreased stockholders' equity 3. Determine the net income for September 4. How much did Septembers transactions increase or decrease retained carnings