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 $49,000 in exchange for common stock. b. Purchased office supplies on account, $2,510. c. Received cash from fees earned for managing rental property, $7,050. d. Paid rent on office and equipment for the month, $3,080. e. Paid creditors on account, $1,140. f. Billed customers for fees earned for managing rental property, $5,710. g. Paid automobile expenses for month, $690, and miscellaneous expenses, $340. h. Paid office salaries, $2,170. i. Determined that the cost of supplies on hand was $1,480; therefore, the cost of supplies used was $1,030. j. Paid dividends, $2,060. 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 Fees Rent Item Cash + Accounts Receivable + Supplies Accounts Payable + Common Stock Dividends + Sal. Expense Supp. Expense Auto Expense Earned Expense a. 49,000 b. Bal. 49,000