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 $25,000 in exchange for common stock. b. Purchased office supplies on account, $3,390. c. Received cash from fees earned for managing rental property, $9,170. d. Paid rent on office and equipment for the month, $4,160. e. Paid creditors on account, $1,540. f. Billed customers for fees earned for managing rental property, $7,700. g. Paid automobile expenses for month, $920, and miscellaneous expenses, $460. h. Paid office salaries, $2,930. 1. Determined that the cost of supplies on hand was $2,000; therefore, the cost of supplies used was $1.390. j. Paid dividends, $2,770 Required: 1. Indicate the afect 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 Supplies Accounts Payable + Common Stock Dividends Fees Earned Rent Expense Stockholders' Equity Sal. Expense Supp. F b. Bal 6 Previous Next>