Transactions On April 1 of the current year, Andrea Byrd established a business to manage rental property. She completed the following transactions during April: a. Opened a business bank account with a deposit of $45,000 from personal funds. b. Purchased office supplies on account, $2,000. C. Received cash from fees earned for managing rental property, $8,500. d. Pald 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, $11,250. 9. Pald automobile expenses for month, 5840, and miscellaneous expenses. $900. h. Paid office salaries, $3,600. 1. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450. 1. Withdrew cash for personal use. $2,000. 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 abilities Supplies Accounts Payable + Item Cash Accounts Receivable Andrea Byrd, Capital Andrea Byrd, Drawing Fees Earned - 07 0 45,000 0 45,000 0 0 2.000 2,000 0 0 0 2,000 2,000 0 Bal45,000 45,000 0 Bal. 41,785 11,250 Bal. 41,785 11,250 j. -2,000 Bal. 39,785 11,250 2. Owner's equity is the right of owners to the assets decreased by owner's withdrawals and expens 3. Determine the net income for April.. sx 4. April's transactions (a-j) increased or decreased A Increased to $ 50,960 Feedback Check My Work 1. Review Transactions (a) to (h) summarized on page Check My Work