Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following trans April: a. Opened a business bank account with a deposit of $60,000 in exchange for common stock. b. Purchased office supplies on account, $1,800 c. Received cash from fees earned for managing rental property, $22,300. d. Paid rent on office and equipment for the month, $7,000 e. Paid creditors on account, $1,100. f. Billed customers for fees earned for managing rental property, $3,600 g. Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000 h. Paid office salaries, $4,000. 1. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. 3. Pald dividends, $5,000. Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transact 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. g. 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 i. Billed insurance companies for sales commissions earned, $12,500. 1. Paid dividends, $3,900. Required: Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following trans April: a. Opened a business bank account with a deposit of $60,000 in exchange for common stock. b. Purchased office supplies on account, $1,800 c. Received cash from fees earned for managing rental property, $22,300. d. Paid rent on office and equipment for the month, $7,000 e. Paid creditors on account, $1,100. f. Billed customers for fees earned for managing rental property, $3,600 g. Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000 h. Paid office salaries, $4,000. 1. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. 3. Pald dividends, $5,000. Transactions Amy Austin established an insurance agency on March 1 of the current year and completed the following transact 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. g. 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 i. Billed insurance companies for sales commissions earned, $12,500. 1. Paid dividends, $3,900. Required