On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: Opened a business bank account with a deposit of $30,000 in exchange for common stock. Purchased office supplies on account, $2,940. Received cash from fees earned for managing rental property, $7,950. Paid rent on office and equipment for the month, $3,610. Paid creditors on account, $1,340. Billed customers for fees earned for managing rental property, $6,680. Paid automobile expenses for month, $800, and miscellaneous expenses, $400. Paid office salaries, $2,540. Determined that the cost of supplies on hand was $1,740; therefore, the cost of supplies used was $1,200. Paid dividends, $2,400. 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 Item Cash + Accounts Receivable + Supplies = Accounts Payable + Common Stock - Dividends + Fees Earned - Rent Expense - Sal. Expense - Supp. Expense - Auto Expense - Misc. Expense