Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during 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. i. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. j. Paid dividends, $5,000. 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) A Labdie Stockholders Equity Accounts Acts Cask Supplies Payable 00.000 Commen Stock 10.000 Supp Dividends Fees Earned Rest Expense Sal Expense - . 1800 1.800 60.000 60.000 1800 V 1.800 60.000 22.300 60.000 22.300 82.300 1800 1.800 60.000 22.300 4 7,000 60,000 -7,000 -73.300 1000 1.800 60.000 22.308 -3.000 1100 -1.100 50.000 74.300 1800 700 60.000 22.300 -7.000 A 3.000 60,000 1.000 74.300 3.800 1.800 700 60,000 25.000 1,750 60,000 x 72.450 3.800 1.800 700 00.000 25.000 -7.000 -730 -1.000 -750 -1.000 -4.000 60.000 -4,000 " 68,450 3.000 1000 700 60.000 -4,000 -750 1,000 -1.550 60.000 -1.350 3.000 250 700 60.000 -3,000 -4,000 1.350 -730 -1.000 3.000 3,000 63430 3.000 230 00.000 5.000 25.000 -7.000 -4.000 -1.350 +1.000 Accounts Accounts Commen Item Cash Supplies Dividends Stack + Fees Earned Rent Expense Sal. Expense Supp. Auto Expense Misc. Expense Item 4 60.000 60,000 4 1,000 1,800 60,000 60,000 1,800 1,800 60,000 Bal 22,300 60,000 X 22,300 82,300 1,000 1,800 60,000 22,300 d -7,000 60,000 x -7,000 -75,300 1,800 1,800 60,000 23,300 7,000 -1,100 -1,100 60,000 X 74,200 1,800 700 60,000 23,300 -7,000 3,000 00,000 x 3,000 A 74,300 3,000 1,000 700 60,000 25,000 -7,000 -1,750 00,000 X 72,450 3,000 1,000 200 60,000 25,900 -7,000 Bat. -750 -1,000 a -350 1,000 Bal -4,000 60,000 x -4,000 68.450 3,000 1,000 700 80,000 25,000 7,000 -4,000 -730 -1,000 1.550 60,000 -1.330 68,450 3,000 250 700 60,000 25,900 7,000 4,000 1,550 250 -1,000 4 -5,000 60,000 x -5,000 63,450 3,000 250 700 60,000 5,000 25,000 7,000 4,000 -1,550 -750- 1,000 Bal 2. Sy is the right of holders (mers) to the assets of the business. These rights are d 3. Determine the time for Apri 67,300 X 4. How much transactions quit x 19,300 x Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following trans 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. i. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. j. Paid dividends, $5,000. 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)