Transactions

On 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 $46,000 in exchange for common stock.
Purchased office supplies on account, $3,180.
Received cash from fees earned for managing rental property, $8,940.
Paid rent on office and equipment for the month, $3,910.
Paid creditors on account, $1,450.
Billed customers for fees earned for managing rental property, $7,240.
Paid automobile expenses for month, $870, and miscellaneous expenses, $430.
Paid office salaries, $2,750.
Determined that the cost of supplies on hand was $1,880; therefore, the cost of supplies used was $1,300.
Paid dividends, $2,610.
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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