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 earned 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. g. Paid automobile expenses for month, $750, and miscellaneous expenses, $1,000. h. Paid office salaries, $4,000. i. Determined that the cost of supplies on hand was $250; therefore, the cost of supplies used was $1,550. j. Paid dividends, $5,000. 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 Stockholde Item Cash Accounts Receivable Supplies Accounts Payable Common Stock Dividends + Fees Earned - Rent Expense a b. Bal. C. Bal. d. Bal. e. Bal. f. Bal. 9 Bal. h. Bal. bilities Stockholders' Equity counts Common Stock Dividends Fees Earned Rent Expense - Sal. Expense Supp. Expense Auto Expense - Misc. Expense Item yable a. b Bal C. Bal d. Bal e Bal f. Bal g Bal h. Bal i. Bal. Bal