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, $1,830. c. Received cash from fees earned for managing rental property, $5,120 d. Paid rent on office and equipment for the month, $2,240. e. Paid creditors on account, $830 f. Billed customers for fees eamed for managing rental property, $4,150. 9. Paid automobile expenses for month, $500, and miscellaneous expenses, $250 h. Paid office salaries, $1,580 L Determined that the cost of supplies on hand was $1,080; therefore, the cost of supplies used was $750. 3. Paid dividends, $1,490. 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 Common Payable Fees Rent Sal. Supp. Auto Misc + -Dividends + Item Stock Earned Expense Expense Expense Expense Expense a b. 6. Bal d. Bal Bal Bal Bal h Bal. L Bal + Bal 2. Stockholders' equity is the right of stockholders (owners) to the assets of the business. These rights are i and by dividends and expenses 3. Determine the net income for April. $ 4. How much did April's transactions increase or decrease stockholders' equity? by $ Imone Check My Wink uses ning Bal Bal Bal Bal Bal by issuing common stock and revenues