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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

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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 $26,000 in exchange for common stock.
  2. Purchased office supplies on account, $2,830.
  3. Received cash from fees earned for managing rental property, $7,940.
  4. Paid rent on office and equipment for the month, $3,470.
  5. Paid creditors on account, $1,290.
  6. Billed customers for fees earned for managing rental property, $6,430.
  7. Paid automobile expenses for month, $770, and miscellaneous expenses, $390.
  8. Paid office salaries, $2,440.
  9. Determined that the cost of supplies on hand was $1,670; therefore, the cost of supplies used was $1,160.
  10. Paid dividends, $2,310.

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)

2. Stockholders equity is the right of stockholders (owners) to the assets of the business. These rights are increased by issuing common stock and revenues and decreased 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? Increased by $fill in the blank 233

On Art of the center, Mirrored pets.com the transactions Soring for Opened ben bank with depost of $36.000 in change for months Purchased office supplies 13.30 Received the war 17, d. Poid rent on to $3,475 e Prireditors on cont, 11.29 is une forte cared for at preet, 16,4% Poblet, 1770, des h Press, 19.40 Determined that the controles o hawa.67 therefore, the cost of ones and was 11.16 de 2010 gid 1. Trocal treffect reach to Forbes in which For whom w 001 A C Fees Rent Sal Supp Aute HE The Cash Monte Helle . em + Supe Dividende 26.000 24,000 2010 20,000 2.30 2.330 26.000 7,040 7,940 33,940 2.670 2.1 7.90 26.000 G 3470 470 2.330 30.470 2.330 20.000 7,940 24 Next Od My Won aanga Grate Assie 42.75 TA at 2,830 2010 32,040 3,670 26.000 2340 34 al 30,410 2,330 36.000 or 3470 . -1.250 2.630 1,290 1.540 DOMINI 29.10 2,630 26.000 7.90 3. 6.430 6410 JOS sal 430 2010 1.540 29.180 1.160 26.000 14,3 2.470 U DUL .. 770 990 6,430 2.330 1,54 20,000 14 28.020 2.440 3.470 770 100 2.440 al 25.580 430 2,630 OPST 20.000 143 2.490 770 DE 1160 1.160 1.160 2.470 770 200 2.470 1160 270 390 Bal 25.5 6430 1.670 1.540 26.000 14370 2010 2.310 Hal 23,270 6.430 1.670 L540 26.000 2,310 16.30 2. Stockholders'y tengt for ours to the soft. These we increase 3. Determine the for 6,140 4. How much dort det! Increased 29.630 Check My Wor

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