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n April 1 of the current year, Morgan Jones established a business to manage rental property She completed the following transactions during April Opened a business bank account with a deposit of $50,000 in exchange for common stock Purchased office supplies on account, $2,660 Received cash from fees earned for managing rental property, $7,450 Paid rent on office and equipment for the month, $3,260 Paid creditors on account, $1,210 Billed customers for fees earned for managing rental property, $6,030 Paid automobile expenses for month, $720, and miscellaneous expenses, $360 Paid office salaries, $2,290 Determined that the cost of supplies on hand was $1,570 therefore, the cost of supplies used was $1,090 Paid dividends, $2,170 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)
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