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 $35,000 in exchange for common stock
b. Purchased office supplies on account, $2,760.
c. Received cash from fees earned for managing rental property, $7,570.
d. Paid rent on office and equipment for the month, $3,390.
e. Paid creditors on account, $1,260.
f. Billed customers for fees earned for managing rental property, $6,280.
o. Paid automobile expenses for month, $750, and miscellaneous expenses, $380.
h. Paid office salaries, $2,390.
Determined that the cost of supplies on hand was $1,630; therefore, the cost of supplies used was $1,130.
J. Paid dividends, $2,260.
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)