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 $26,000 in exchange for common stock b. Purchased office supplies on account, $1,810. c. Received cash from fees earned for managing rental property, $5,080. d. Paid rent on office and equipment for the month, $2,220. e. Paid creditors on account, $820. f. Billed customers for fees earned for managing rental property, $4,110. 9. Paid automobile expenses for month, $490, and miscellaneous expenses, $250. h. Paid office salaries, $1,560. 1. Determined that the cost of supplies on hand was $1,070; therefore, the cost of supplies used was $740. 1. Paid dividends, $1,480. 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) Assets Liabilities + Accounts Accounts Common Item Dividends + Cash Supplies Receivable Payable Earned Stockholders' Equity Fees Rent Expense + Sal. Expense Sup Exper + Stock b Bal. C. Bal