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On April i of the current year, Morgan Jones established a business to manage rental...

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Accounting

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On April i 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 $60,000 in exchange for common stock. b. Purchased office supplies on account, $1,800. c. Recelved cash from fees eamed for managing rental property; $22,300. d. Paid rent on office and equipment for the month, 57,000 . c. Paid creditors on account, $1,100. 4. Billed customers for fees earned for managing rental property, $3,600; 9. Paid automoble experises for month, $750, and miscellaneous expenses, $1,000. h. Paid office salares, $4,000 1. Determined that the cost of supplies on hand was \$250: therefore, the cost of supplies used was 51,550. 1. Paid dividends, $5,000. Required: 1. Indicate the effect of each transaction and the balances after cach transaction: For those boxes in which no entry is required, leave the box blank

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