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 $31,000 in exchange for common stock. b. Purchased office supplies on account, $3,280. c. Received cash from fees earned for managing rental property, $9,090. d. Paid rent on office and equipment for the month, $4,020. e. Pald creditors on account, $1,490. 1. Billed customers for fees eamed for managing rental property, $7.450. 9. Paid automobile expenses for month, $890, and miscellaneous expenses, $450. h. Paid office salaries, $2,830. 1. Determined that the cost of supplies on hand was $1,940; therefore, the cost of supplies used was $1,340. 1. Paid dividends, $2,680 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 Stockholders' Accounts Accounts Common Fees Rent Item Cash Supplies Dividends Receivable Payable Stock Earned Expense + S. . Exp a 31,000 0 0 b 0 3,280 3,280 Bal 31,000 3,280 3,280 Next ched My Work