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 $39,000 in exchange for common stock. b. Purchased office supplies on account, $1,990. c. Received cash from fees earned for managing rental property, $5,450. d. Paid rent on office and equipment for the month, $2.440. e. Paid creditors on account, $900. f. Billed customers for fees eamed for managing rental property, $4,520. g. Paid automobile expenses for month, $540, and miscellaneous expenses, $270. h. Paid office salaries, $1,720. 1. Determined that the cost of supplies on hand was $1,180; therefore, the cost of supplies used was $810. J. Paid dividends, $1,630. 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) Stockholders' Equity Sal. Assets Accounts Item Cash Supplies Receivable Liabilities Accounts Payable Common Stock Fees Dividends + Earned Rent Expense a. b. Bal. C Bal. Expense