Transactions On September 1 of the current year, Joy Tucker established a business to manage rental property. She completed the following transactions during September: a. Opened a business bank account with a deposit of $36,000 in exchange for common stock. b. Purchased office supplies on account, $1,800. c. Received cash from fees earned for managing rental property, $6,750. d. Paid rent on office and equipment for the month, $5,000. e. Paid creditors on account, $1,375. f. Billed customers for fees earned for managing rental property, $9,500. g. Paid automobile expenses for month, $840, and miscellaneous expenses, $960. h. Paid office salaries, $3,600. i. Determined that the cost of supplies on hand was $350; therefore, the cost of supplies used was $1,450. j. Paid dividends, $3,000. 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 Rent Auto Item Common Stock Dividends Sal. Expense Supp. Expense Accounts Receivable + Fees Earned Misc. pense Accounts Payable Item Supplies Cash + Expense Expense a. a. b. b. Bal. Bal. c. C. Bal. Bal. d. d. Bal. Bal. e. Bal. e. f. Bal. Bal. f. g. Bal. g. Accounts Item Cash + Fees Accounts Receivable + Supplies Rent + Common Stock Dividends Auto + Payable Sal. Expense Earned Supp. Expense Misc. Expense Item Expense Expense a. a. b. b. Bal. Bal. C. C. Bal. Bal. d. d. Bal. Bal. e. e. Bal. Bal. f. f. Bal. Bal. g. g. Bal. Bal. h. h. Bal. Bal. i. i. Bal. Bal. j. j. Bal. Bal. by issuing common stock and revenues and by dividends and expenses. 2. Stockholders' equity is the right of stockholders' to the assets of the business. These rights are 3. Determine the net income for September. 9 4. How much did September's transactions (a-j) increase or decrease retained earnings? by $