Transactions On April 1 of the current year, Andrea Byrd established a business to manage rental property. She completed the following transactions during April:
a. Opened a business bank account with a deposit of $45,000 in exchange for common stock.
b. Purchased office supplies on account, $2,000.
c. Received cash from fees earned for managing rental property, $8,500.
d. Paid rent on office and equipment for the month, $5,000.
e. Pald creditors on account, $1,375.
f. Billed customers for fees earned for managing rental property, $11,250.
9. Pald automobile expenses for month, $840, and miscellaneous expenses, $900.
h. Pald office salaries, $3,600.
1. Determined that the cost of supplies on hand was $550; therefore, the cost of supplies used was $1,450.
1. Pald dividends, $2,000.
Required:
1. Indicate the effect of each transaction and the balances after each transaction: