Transactions On September 1 or the current year, Jay Tucker established a business to managa rental property. She completed the following transactions during September: 0. 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. Pald rent on office and equipment for the month, $5,000. e. Paid creditors on account, $1,375. 1. Billed customers for Tees earned for managing rental property, 59,500. 9. Pold automobile expenses for month, $340, and miscellaneous expenses, 5960 h. Poid office salaries, $3,600. 1. Determined that the cost of supplies on hand was $350, therefore, the cost of supplies used was $1,450. J. Pald 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 = Llabilities Stockholders' Equity Accounts Accounts Common Fees Rent Sal. Item Cash Supplies Dividends Receivable Payable Stock Earned Expense Expense + + a. Assets tem Labilities + Accounts Payable Cash Accounts Receivable + Supplies Common Stock Dividends roos Earned Stockholders' Equity Hant Sal. Expanse Expense Supo Auto Expense Mlec. Expense Em Expense al Bet 6 tal ha a Ball Bet Bal Bal Bal Bal 9 B Bel Bal 1. 1 2. Stockholders uity is the night of stockholders to the softveres. These are increased by wwing common stock and revenues and decreased by dividend expenses 2. Stockholders equity is the right of stockholders to the sets of the business. These rights are incremedy issuing common stock and revenues and decreased by @viconds and expenses 3. Determine the net income for September 4,400 4. How much did September's transactions (-) increase or decrease retained earnings? Increased ty 1,400