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 $42,000 in exchange for common stock. b. Purchased office supplies on account, $2,170. c. Recolved cash from fees earned for managing rental property, 56,160. d. Pald rent on office and equipment for the month, $2,660. e. Pald creditors on account, $990. f. Billed customers fr fees eamed for managing rental property, $4,930. 0. Pald automobile expenses for month, $590, and miscellaneous expenses, $300. h. Pald office salaries, $1,870. 1. Determined that the cost of supplies on hand was $1,280; therefore, the cost of supplies used was $890. 1. Paid dividends, $1,770. 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) Asset - Liabilities + Stockholders' Equity Sal. Accounts Accounts Common Fees Rent Dividends Item Cash Supplies Receivable Stock Payable Expense Earned Expense Bal f. Bal. 9 Bal h. Bal Bal 1. Bal by istuing common 2. Stockholders equity is the right of stockholders (owners) to the sets of the business. These rights are stock and revenues and by dividends and expenses. 3. Determine the net income for April SI 4. How much did April's transactions increase or decrease stockholders equity by S