(I NEED HELP WITH #2/ PLEASE CHECK MY WORK) Transactions

On April 1 of the current year, Morgan Jones established a business to manage rental property. She completed the following transactions during April:

1. Opened a business bank account with a deposit of $45,000 in exchange for common stock.
2. Purchased office supplies on account, $3,080.
3. Received cash from fees earned for managing rental property, $8,330.
4. Paid rent on office and equipment for the month, $3,780.
5. Paid creditors on account, $1,400.
6. Billed customers for fees earned for managing rental property, $7,000.
7. Paid automobile expenses for month, $840, and miscellaneous expenses, $420.
8. Paid office salaries, $2,660.
9. Determined that the cost of supplies on hand was $1,820; therefore, the cost of supplies used was $1,260.
10. Paid dividends, $2,520.

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)

2, Determine the net income for April.

3. How much did Aprils transactions increase or decrease stockholders equity? Increased by $_______.

Assets Liabilities Stockholders' Equity Item Cash + Accounts Receivable Supplies Common Stock Accounts Payable Dividends + + Fees Eamed - Rent Expanse - Sal. Expense Supp. Expense Auto Expense. Misc. Expenge Item a 45,000 45,000 b. 3,080 3,080 b. Bal. 3,0807 3,080 Bal 45,000 8,330 C. 8,330 C. Bal. 53,330 3,080 3,080 8,330 Bal U. -3,780 -3,780 d. Ral. 49,550 3,080 3,080 8,330 -3,780 Ral. e. -1,400 7 -1,400 Bal. 48,150 3,080 1,680 -3,780 Bal. f 7,000 7,000 Bal. 48,150 7,000 3,080 1,680 15,330 -3,780 Bal. c. -1,260 7 -840 -420.. Bal. 46,890 7,000 3,080 1,680 15,330 -3,780 -840 -420 Val h. -2,660 -2,6607 h. Bal. 44,230 7,000 1,680 15,330 -3,780 -2,660 -8407 -420 Bal. 3,080 -1.260 i. Bal. 7,000 1,820 1,680 15,330 -3,780 -2,660 -840 -420 Bal 44,230 -2,520 0. -2,5207 3. Bal. 41,710 7,000 1,820 1,680 -2,520 15,330 -3,780 -2,660 -840 -420 Bal. 2. Stockholders' equity is the right of stockholders (owners) to the assets of the business. These rights are increased by issuing common stock and revenues and decreased by dividends and expenses 3. Determine the net Income for April