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. Pald rent on office and equipment for the month, $7,000. e. Pald creditors on account, $1,100. t. Billed customers for fees earned for managing rental property, $3,600. 9. Pald automobile expenses for month, $750, and miscellaneous expenses, $1,000 h. Paid office salaries, $4,000. L. Determined that the cost of supplies on hand was $250; therefore, the cost of supples 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) = Llabilities + Stockholders' Equity Accounts Accounts Cash Supplies Dividends Receivable Payable Stock Expense Expense Assets Common Rent Sal. Sur Item + + + - Fees Earned Expe a. C. Bal. d Bal. Snow Me Os on CA CUOty, Morgenomes the Suness to manage rental property. She competed blowing transactions during pris Opered a business bark scount with a deposit of $50,000 in charge for common stock b. Purchased off as supplies an account, $1,500. Receved cash from med for managing rental property, $22,300. d. Pald rent on office and equiment for the month $7,600. .. Paidered torso, $1,100. El customers for frescared for managing real property, $3,600. Pald automobile expenses for month, $750, and miscellaneous expenses, $1,000 Determined that the cost of supplies on hand was $250, therefore, the cost of supplies used was $1,550. Pald 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 Stockholders' Equity Accounts Them Cash Account Fees Common Rent Sal Supplies Supp. Auto Receivable - Dividende Payable Stock Earned Expense Expense Expense Expense + Misc. Expense b bi Bal Bal d. Bal al tal fal al 1 mal by dividends and 2. Starquity is the night of stockholders (owners) to the stof the business. There is 3. Determine the time for Art 4. how much is transactions increase or decrease cholesty