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 $32,000 in exchange for common stock. b. Purchased office supplies on account, $3,080. c. Received cash from fees earned for managing rental property, $8,740. d. Paid rent on office and equipment for the month, $3,770. e. Paid creditors on account, $1,400. f. Billed customers for fees earned for managing rental property, $6,990. g. Paid automobile expenses for month, $840, and miscellaneous expenses, $420. h. Paid office salaries, $2,660. i. Determined that the cost of supplies on hand was $1,820; therefore, the cost of supplies used was $1,260. j. Paid dividends, $2,520. 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)