Problems: Series B Cash bal at end of March: $48,650 PR 1-18 Transactions Obj. 4 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March a Opened a business bank account with a deposit of $50,000 in exchange for common stock b. Purchased supplies on account, $4,000 c Paid creditors on account, $2.300 d. Received cash from fees earned on insurance commissions, 513,800 e. Paid rent on office and equipment for the month, 55,000 Paid automobile expenses for month, $1,150 and miscellaneous expenses, $300 9 Paid office salaries, 52.500 h Determined that the cost of supplies on hand was 52.700 therefore, the cost of supplies und wen $1,300 Billed insurance companies for sales commissions earned, 512.500 Paid dividends, $3.900. Instructions 1. Indicate the effect of each transaction and the balances after each transaction, using the follow- ing tabular headings Liabilities+ Assots Accounts Accounts Common Cash Receivable+Supplies Payable + Stock Fees Dividends Earned Stockholders' Equity Rent Salaries Supplies Auto Expense Expense Expense Expense