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 $60,000 in exchange for common stock. b. Purchased office supplies on account, $1,800. c. Received cash from fees camed for managing rental property, $22,300 d. Paid rent on office and equipment for the month, $7,000 e Paid creditors on account, $1,100. f. Billed customers for fees earned for managing rental property, $3,600. 9. Poid automobile expenses for month, $750, and miscellaneous expenses. $1,000 n. Paid office salaries, $4,000 Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. 1. Poid dividends, $5,000 Required: ). 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) Asses Item Cash + Account Receivable + Supplies Accounts Payable + Common Stock Dividendo Fees Earned stockholders' Equity Rent Sal Expense Expense Auto Supp Expense Hist Expense Tam to Bal hal Bal d. Bal tal tal h. Bal. ba 3 Hal 3. Det