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 $26.000 in exchange for common stock b. Purchased office supplies on account. $2.370. Received cash from fees camed for managing rental property. 56.390. d. Paid runt on office and equipment for the month $2,500 .. Pald creditors on account, $1.070. f. Billed customers for fees earned for managing rental property, $5,370. c. Pald automobile expenses for month, $540, and miscellaneous expenses. $320. h. Paid office salaries. $2.040. 1. Determined that the cost of supplies on hand was $1.400, therefore, the cost of supples used was $970. j. Paid dividends. $1,930. Required 1. Indicate the effect of each transaction and the balance 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 Account Common Rent Sal. Cash Supplies Dividends Fees Earned Receivable Payable Stock Expense Expense a. 26.000 2,370 X 2.370 X 26.000 - + Supp. Expense Auto Expense Misc Expense TE b. Bal 6,300 6.390 X Bal Bal d. d Bal B d d Ral f. Bal. Bal. ER h. Bal. J. Bal. 2. Stockholders' equity is the right of stockholders (owners) to the assets of the business. These rights are byssing common stock and revenues and decreased by deeds and expenses 3. Determine the net income for April $ 4. How much did April's transactions increase or decrease stockholders' equity? Increased by