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 $31,000 in exchange for common stock b. Purchased office supplies on account, $2,470. c. Received cash from fees eamed for managing rental property, $6,830. d. Paid rent on office and equipment for the month, $3,020. e. Paid creditors on account, $1,120, f. Billed customers for fees earned for managing rental property, $5,600. g. Paid automobile expenses for month, $670, and miscellaneous expenses, $340. h. Paid office salaries, $2,130. 1. Determined that the cost of supplies on hand was $1,460; therefore, the cost of supplies used was $1,010. 3. Peid dividends, $2,020. 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) Assets Liabilities + Stockholders' Equi Item: Cash + Accounts Receivable Accounts + Supplies Payable Common Stock Dividends + Fees Earned Rent Expense Sal. Expens a. b. Bal C Bal