arth-Sun Relations X 3 BAC How OPS Works Chu po ACCT 220 INTRAX Ebooks - Webroader.is New Tab + reader/34786471-3412-41dc-bf83-e62ba0dd1c10/page/63a4aefcabacbiatore64c210479 EK eTextbook: Corporate Financial Accounting Q Quick Tour Print Search Anne Ob). 4 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 $60,000 in exchange for common stock, b. Purchased office supplies on account, $1,800, c. Received cash from fees earned for managing rental property, $22,300 d Paid rent on office and equipment for the month, $7,000 a. Paid creditors on account, $1,100, t. Billed customers for fees earned for managing rental property, $3,600. 9. Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000 h. Paid office salaries, $4,000. Determined that the cost of supplies on hand was $250, therefore, the cost of supplies used was $1,550. J. Paid dividends, $5,000 INSTRUCTIONS 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: Textbook Corporate Financial Accounting Quick Tout Print TY C Search Andate Accessity to 9. Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000 n. Paid office salaries, $4,000. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550 1. Pald dividends, $5,000, INSTRUCTIONS 1. Indicate the effect of each transaction and the balances after each transaction, using the following tabular headings: 2 Brietly explain why issuing common stock and revenues increased stockholders equity, while dividends and expenses de created stockholders' equity 3. Determine the net income for April, 4. How much did April's transactions increase or decrease stockholders' equity? ANSWER Check Figure: Cash bal, at end of April 583,450 PR 1-2A. Financial Statements Obj. 5 The assets and liabilities of Global Travel Agency on December 31, 2045, and its revenue and expenses for the year areas follows: $10.00 5000 AD pie Exercises