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 $41,000 in exchange for common stock. b. Purchased office supplies on account, $2,810. c. Received cash from fees earned for managing rental property, $7,670. d. Paid rent on office and equipment for the month, $3,440. e. Paid creditors on account, $1,270. f. Billed customers for fees earned for managing rental property, $6,370. g. Paid automobile expenses for month, $760, and miscellaneous expenses, $380. h. Paid office salaries, $2,420. i. Determined that the cost of supplies on hand was $1,660; therefore, the cost of supplies used was $1,150. J. Paid dividends, $2,290. 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) Item Cash + Assets Accounts Receivable =Liabilities + Stockholders' Equity + Supplies = Accounts Payable + Common Stock Dividends + Fees Earned Rent Sal. Expense Expense E a. b. Bal. Bal. d. Bal.