a. b. Bal. 5,800 C. 5,800 Bal 2,570 X d. 5,800 2,570 X Bal. 5,800 2,570 X Bal. 4,760 10,560 2,570 X Bal. 570 X 290 X 9 10,560 2,570 X 570 X 290 X Bal 1,810 X h 10,560 2,570 X 1,810 X 570 X 290 X Bal. 860 X I. 10,560 2,570 X 1,810 x 860 X 570 X U 290 X Bal. -1,710 X 1. 07 -1,710 x 10,560 2,570 X 1,810 x 860 X 570 X 290 X Bal. hts are increased by issuing common stock and revenues and decreased by dividends and expenses. Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $37,000 in exchange for common stock b. Purchased office supplies on account, $2,100. c. Received cash from fees earned for managing rental property, $5,800. d. Paid rent on office and equipment for the month, $2,570. e. Paid creditors on account, $950. t. Billed customers for fees earned for managing rental property, $4,760. 9. Pald automobile expenses for month, $570, and miscellaneous expenses, $290. h. Paid office salaries, $1,810. 1. Determined that the cost of supplies on hand was $1,240; therefore, the cost of supplies used was $860. J. Pald dividends, $1,710. 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) a. b. Bal. 5,800 C. 5,800 Bal 2,570 X d. 5,800 2,570 X Bal. 5,800 2,570 X Bal. 4,760 10,560 2,570 X Bal. 570 X 290 X 9 10,560 2,570 X 570 X 290 X Bal 1,810 X h 10,560 2,570 X 1,810 X 570 X 290 X Bal. 860 X I. 10,560 2,570 X 1,810 x 860 X 570 X U 290 X Bal. -1,710 X 1. 07 -1,710 x 10,560 2,570 X 1,810 x 860 X 570 X 290 X Bal. hts are increased by issuing common stock and revenues and decreased by dividends and expenses. Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $37,000 in exchange for common stock b. Purchased office supplies on account, $2,100. c. Received cash from fees earned for managing rental property, $5,800. d. Paid rent on office and equipment for the month, $2,570. e. Paid creditors on account, $950. t. Billed customers for fees earned for managing rental property, $4,760. 9. Pald automobile expenses for month, $570, and miscellaneous expenses, $290. h. Paid office salaries, $1,810. 1. Determined that the cost of supplies on hand was $1,240; therefore, the cost of supplies used was $860. J. Pald dividends, $1,710. 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)
