Calculator Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March: a. Opened a business bank account with a deposit of $50,000 in exchange for common stock b. Purchased supplies on account, $4,000. c. Paid creditors on account, $2,300. d. Received cash from fees earned on Insurance commissions, $13,800. e. Pald rent on office and equipment for the month, $5,000. f. Paid automobile expenses for month, $1,150, and miscellaneous expenses, $300. 9. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. I. Billed Insurance companies for sales commissions earned, $12,500. 1. Pald dividends, $3,900. 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) Assets - Liabilities + Stockholders' Equity Accounts Accounts Common Fees Rent Salaries Supplies Item Cash + Supplies - Dividends + Receivable Payable Stock Earned Expense Expense Expense + 50,000 b. Bal. 50000 c. -2,300 Bal. d. Bal. e. Submit Test for Grading All work saved. MacBook Pro