Problems: Series A PR 1-1A Transactions Obj. 4 Cash balat end of On April 1 of the current year, Morgan Jones established a business to manage rental property. She April: $63,450, completed the following transactions during April a Opened a business bank account with a deposit of 560,000 in exchange for common stock. b. Purchased office supplies on account. 51.800 Received cash from fees earned for managing rental property, 522,300. d Paid rent on office and equipment for the month, 57,000. e Paid creditors on account, $1,100. Billed customers for fees earned for managing rental property. 53.600 Paid automobile expenses for month, $750 and miscellaneous expenses, $1,000 hPaid office salaries. 54.000 Determined that the cost of supplies on hand was $250: therefore, the cost of supplies used was $1.550. Paid dividends. 55.000 Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the follow- ing tabular headings: Assets Liabilities Stockholders' Equity Accounts Accounts Common Rent Salaries Supplies Auto Gash + Receivable Supplies Payable Stock Dividends-Earned Expense Expense Expense - Expense - Expense 2 Briefly explain why issuing common stock and revenues increased stockholders equity, while dividends and expenses decreased stockholders' equity. 3. Determine the net income for April 4 How much did April's transactions increase or decrease stockholders' equity