On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $26,000 In exchange for common stock. b. Purchased office supplies on account, $2,620. c. Received cash from fees earned for managing rental property, $7,080. d. Paid rent on office and equipment for the month, $3,210. e. Paid creditors on account, $1,190. f. Billed customers for fees earned for managing rental property, $5,950. g. Paid automobile expenses for month, $710, and miscellaneous expenses, $360. h. Paid office salaries, $2,260. 1. Determined that the cost of supplies on hand was $1,550; therefore, the cost of supplies used was $1,070. j. Paid dividends, $2,140. 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 Sal. Supp. Auto Item Cash + + Supplies = + Dividends Receivable Payable Stock Earned Expense Expense Expense Expense Ex Bal C. Bal d. Bal. e. Bal. F. Bal. Next Check My Work