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 $39,000 in exchange for common stock. b. Purchased office supplies on account, $1,830. c. Received cash from fees earned for managing rental property, $5,120. d. Paid rent on office and equipment for the month, $2,240. e. Paid creditors on account, $830. f. Billed customers for fees earned for managing rental property, $4,150. 9. Paid automobile expenses for month, $500, and miscellaneous expenses, $250. h. Paid office salaries, $1,580. 1. Determined that the cost of supplies on hand was $1,080; therefore, the cost of supplies used was $750. J. Paid dividends, $1,490. 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) Item Cash + Assets Accounts Receivable Liabilities + Stockholders' Equity + Supplies Accounts Common Payable Stock + Dividends + Fees Earned Rent Expense Sal. Expense Supp. Expense Expense Auto Misc. Expense It a b. Bal c. Bal. d Bal e Bal. b. Ba c Ba d. Ba e Ba f f Bal 9 Bal h. Bal Ba 9 Ba h Ba Bal. J. Bal. Ba ba