On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:

1. Opened a business bank account with a deposit of $35,000 in exchange for common stock.
2. Purchased office supplies on account, $1,960.
3. Received cash from fees earned for managing rental property, $5,320.
4. Paid rent on office and equipment for the month, $2,410.
5. Paid creditors on account, $890.
6. Billed customers for fees earned for managing rental property, $4,470.
7. Paid automobile expenses for month, $540, and miscellaneous expenses, $270.
8. Paid office salaries, $1,700.
9. Determined that the cost of supplies on hand was $1,160; therefore, the cost of supplies used was $800.
10. Paid dividends, $1,610.

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

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Accounts Payable

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Common Stock

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Dividends

+

Fees Earned

-

Rent Expense

-

Sal. Expense

-

Supp. Expense

-

Auto Expense

-

Misc. Expense

Item

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a.

b.

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Bal.

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Bal.

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Bal.

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e.

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Bal.

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Bal.

f.

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Bal.

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Bal.

g.

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g.

Bal.

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Bal.

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Bal.

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Bal.

i.

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Bal.

j.

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Bal.

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Bal.

2. Stockholders equity is the right of stockholders (owners) to the assets of the business. These rights are

increaseddecreased

by issuing common stock and revenues and

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by dividends and expenses.

3. Determine the net income for April. $fill in the blank 231

4. How much did Aprils transactions increase or decrease stockholders equity?

DecreasedIncreased

by $fill in the blank 233