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In: AccountingTransactionsOn September 1 of the current year, Joy Tucker established abusiness to manage rental...TransactionsOn September 1 of the current year, Joy Tucker established abusiness to manage rental property. She completed the followingtransactions during September:Opened a business bank account with a deposit of $38,000 inexchange for common stock.Purchased office supplies on account, $2,440.Received cash from fees earned for managing rental property,$6,830.Paid rent on office and equipment for the month, $2,990.Paid creditors on account, $1,110.Billed customers for fees earned for managing rental property,$5,530.Paid automobile expenses for month, $660, and miscellaneousexpenses, $330.Paid office salaries, $2,100.Determined that the cost of supplies on hand was $1,440;therefore, the cost of supplies used was $1,000.Paid dividends $1,990.Required:1. Indicate the effect of each transaction andthe balances after each transaction:For those boxes in which no entry is required, leave the boxblank.For those boxes in which you must enter subtractive or negativenumbers use a minus sign. (Example: -300)Assets=Liabilities+Stockholders' EquityItemCash+Accounts Receivable+Supplies=Accounts Payable+Common Stock-Dividends+Fees Earned-Rent Expense-Sal. Expense-Supp. Expense-Auto Expense-Misc. ExpenseItema.a.b.b.Bal.Bal.c.c.Bal.Bal.d.d.Bal.Bal.e.e.Bal.Bal.f.f.Bal.Bal.g.g.Bal.Bal.h.h.Bal.Bal.i.i.Bal.Bal.j.j.Bal.Bal.2. Stockholders' equity is the right ofstockholders' to the assets of the business. These rights are byissuances of capital stock and revenues and by dividends andexpenses.3. Determine the net income forSeptember.$4. How much did September's transactions (a-j)increase or decrease retained earnings?by $