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Transactions On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April: Opened
Transactions
On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:
- Opened a business bank account with a deposit of $43,000 in exchange for common stock.
- Purchased office supplies on account, $2,960.
- Received cash from fees earned for managing rental property, $8,320.
- Paid rent on office and equipment for the month, $3,640.
- Paid creditors on account, $1,350.
- Billed customers for fees earned for managing rental property, $6,740.
- Paid automobile expenses for month, $810, and miscellaneous expenses, $400.
- Paid office salaries, $2,560.
- Determined that the cost of supplies on hand was $1,750; therefore, the cost of supplies used was $1,210.
- Paid dividends, $2,430.
4. How much did Aprils transactions increase or decrease stockholders equity?
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