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. D. Purchased office supplies on account, $1,810 c. Received cash from fees earned for managing rental property, $5,080 d. Pald rent on office and equipment for the month, $2,220 e Paid creditors on account, $820. 1. Billed customers for fees earned for managing rental property, $4,110, 9. Paid automobile expenses for month, $490, and miscellaneous expenses, $250. h. Paid office salaries, $1,560. 1. Determined that the cost of supplies on hand was $1,070; therefore, the cost of supplies used was $740. J. Paid dividends, $1,480 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 (Exampler -300) Stockholders' Equity Assets Liabilities Common Rent Accounts Accounts Dividends + Earned Supplies Expense Item Expense Cash Stock Receivable Payable Fees Supp Expense a. D Bal. C. Bal. d