dn September l of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during Septe mber it of $37,000 in exchange for common stock. Purchased office supplies on account. c. Received cash from fees earned for managing rental property, . Paid rent on office and equ b. 1.880. 5,180. for the month, $2.300. f. Billed customers for fees earned for managing rental property, $4,250. . Paid automobile expenses for month, $510, and miscellaneous expenses, $260. i. Determined that the cost of supplies on hand was $1,110; therefore, the cost of supplies used was $770. Paid dividends $1,530. Required: 1. Indicate the effect of each transaction and the balances after each transaction: o entry is required, leave the box blank For those boxes in which For those bpxes in which you must enter subtractive. negative numbers use a minus sign. (Example: 300) Stockholders' Equity Assets Liabilities Misc. Accounts Common Sal Supp. Accounts Fees Rent Auto Dividends Cash Supplies Item Item + Receivable + Payable Stock Earned Expense. Expense Expense Expense Expense 37.000 37.000 a b. 1.880 1.880 b Bal 1,880 37,000 Bal 37,000 1,880 5.180 5,180 c. c. Bal Bal 5.180 42.180 1,880 1,880 37,000 2.300 2.300 d Ball Bal 39.880 1,880 1,880 37.000 5,180 2,300 850 850 e. e Bal Bal 1,030 37,000 5,180 2,300 39,030 1,880 4,250 f. 4,250 E Bal Bal 4,250 9,430 39,030 1,880 1,030 37,000 2,300 770 510 260 Bal. 4,250 1,880 1,030 37,000 9,430 2,300 510 Bal. 38,260 260 h. 1,620 1,620 37,000 Bal 1.620 Bal 36,640 4,250 1,880 1,030 9.430 2,300 510 260 770 770 i Bal. Bal 36.640 4.250 1,110 1,030 37.000 9,430 2.300 1.620 770 510 260 1,530 1,530 260 Bal. Bal 35,110 4,250 1,110 1,030 37,000 1,530 9,430 2,300 1,620 770 510 Ctockholdere eouhe is the right of stockholders to the assate of the hueiness These rinhts are inereseod vidande and avnances franital etnrk and rovenune and derrezsed i. Determined that the cost of supplies on hand was $1,110; therefore, the cost of supplies used was $770. j. Paid dividends $1,530. Required: 1. Indicate the effect of each transaction and the balances after each transaction: For those boxes in which o entry is required, leave the box blank For those boxes in which you must enter subtractive negative numbers use. minus sign. (Example: -300) Liabilities Stockholders Equity Assets Misc. Accounts Accounts Common Fees Rent Sal. Supp. Auto Item Cash Supplies Dividends Item + Earned Receivable Payable Stock Expense Expense xpense Expense xpense 37.000 37.000 b. 1,880 1,880 bi Bal. Bal. 37,000 1,880 1,880 37,000 5,180 5,180 c. Bal. 42,180 5,180 Bal 1.880 1,880 37,000 2.300 2,300 d Ball Ball 39,880 1,880 1.880 37.000 5.180 2,300 850 850 e. e Bal. Bal 1,880 37,000 5,180 2,300 39,030 1,030 4,250 f. 4,250 E Bal 4.250 Bal 39,030 1,880 1,030 37,000 9,430 2,300 260 770 510 Bal 4,250 1,880 1.030 37.000 9.430 2.300 510 260 Ball 38,260 h. 1,620 1.620 h. Bal 37,000 510 Bal. 36,640 4,250 1,880 1,030 9,430 2,300 1,620 260 770 i. i. 770 Bal 510 36.640 4,250 1,110 1,030 37,000 9,430 2,300 1,620 770 260 Ball 1,530 1,530 Bal Bal. 35,110 2,300 4,250 1,110 1,030 37,000 1,530 9,430 1,620 770 510 260 E canital stock and revenues and decreased dividends and expenses 2. Stockholders' equity is the right of stockholders' to the assets of the business. These rights are increased by issuances 3. Determine the net income for September 3,970 4. How much did September'ss transactions (a-j) increase or decrease retained earnings? by s Increased 1,900