Chapter 1 Work eBook Show Me How Calculator On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: 3. Opened a business bank account with a deposit of $27,000 in exchange for common stock. b. Purchased office supplies on account, $2,560, c. Received cash from fees cared for managing rental property, $7,180. d. Paid rent on office and equipment for the month, $3,140. e. Paid creditors on account, $1,160 1. Biled customers for fees earned for managing rental property, $5,820 9. Paid automobile expenses for month, $700, and miscellaneous expenses, $350. h. Paid office salaries, $2,210. 1. Determined that the cost of supplies on hand was $1,510; therefore, the cost of supplies used was $1,050. 1. Pald dividends, $2,100 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 Cash Accounts Common Item Supplies Fees Sal. Rent Dividends Receivable Payable Stock Earned Expense Expense + + . Auto . Supp. Expense Mise. Expense Iten Expense a. Bal. Ball Bal. Bal d. d Bal. Check My Work Check My Works remaining Previous Assignment Score: 0.0% Save and Exit Submit Assignment for Grading eBook Chapter 1 Work d. 4 Show Me How Calculator d. Bal. Bal Bal Bal Bal Bal. Bal Bul Bal Bal 3 Bal 2. Stockholders equity is the right of stockholders (owners) to the sets of the business. These rights are byssing common stock and revenues and by dividends and expenses . 3. Determine the income for April 4. How much did restrictions increase or decrease stockholders' equity? Check My Won Check My Working Previous