Transactions 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, $13,800. e. Paid rent on office and equipment for the month, $5,000. f. Paid automobile expenses for month, $1,150, and miscellaneous expenses, $300. 9. Paid office salaries, $2,500. h. Determined that the cost of supplies on hand was $2,700; therefore, the cost of supplies used was $1,300. 1. Billed insurance companies for sales commissions earned, $12,500. J. Paid dividends, $3,900. Required: 1. Indicate the effect of each transaction and the balances after each transaction. If an amount box does not require an entry, leave it blank. P uni muct antar cuhtrartius ar nanstive numhare ur minus rinn (Evamala -30 Accounts Accounts Common Fees Rent Salaries Supplies Item Cash + Receivable + Supplies Payable + Stock Dividends + Earned Expense Expense Expense a. b. Bal. C Bal. d. Bal Bal. 9- Bal. h. Bal. L Bal Bal. Auto Miscellaneous - Expense - Expense Iten a. b. Bal. C. Bal. d. Bal. e. Bal. f. Bal. 9. Bal. h. Bal. Bal. j. Bal. Bal. 2. Stockholders' equity is the right of stockholders' to the assets of the business. These rights are by dividends and expenses. 3. Determine the net income for March. 4. How much did March's transactions increase or decrease stockholders' equity? by issuing common stock and revenues and