Bal 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 $42,000 in exchange for common stock. 1. Purchesed office supplies on account, $3,230. c. Received cash from fees earned for managing rental property, $8,730. Paid rent on office and equipment for the month, $3,900. Paid creditors on account, $1,470. fed customers for fees earned for managing rental property, $7,330. 9. Peid automoble expenses for month, seo, and miscellaneous expenses, $440. h. Paid office salaries $2,790. Determined that the cost of supplies on hand was $1,910; therefore, the cost of supplies used was $1,320. J. Paid dividends, $2,640 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) 00 Item Cash Assets Accounts Receivable Liabilities Stockholders' Equity + Accounts Supplies + Payable Common Stock Fo Rent Dividends + Earned Expense Sal. Expense Supp. Expense Auto Expense MI Exp