a$.$ Opened a business bank account with a deposit of $$24,000$ in exchange for common stock.

b$.$ Paid rent on office and equipment for the month, $$3,600.$

c$.$ Paid automobile expenses for month, $$1,350,$ and miscellaneous expenses, $$600.$

d$.$ Purchased supplies on account, $$1,200.$

e$.$ Earned sales commissions, receiving cash, $$19,800.$

f$.$ Paid creditor on account, $$750.$

g$.$ Paid office salaries, $$2,500.$

h$.$ Paid dividends, $$3,500.$

Determined that the cost of supplies on hand was $$300$; therefore, the cost of supplies used was $$900.$

Instructions

Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: $q,=$ Liabilities $+$ Stockholders' Equity Accounts Common Sales $,$ Rent Salaries Auto Supplies Misc. Payable $+$ Stock $-$ Dividends $+$ Commissions $-$ Expense $-$ Expense $-$ Expense $-$ Expense $-$ Expense ance sheet as of April $30.$