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a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Transaction 1. Owner invests $350 cash in business in exchange for stock 2. Receives $150 cash for services provided 3. Pays $270 cash for employee wages 4. Buys $400 of equipment on credit 5. Purchases $500 of supplies on credit 6. Buys equipment for $600 cash 7. Pays $440 on accounts payable 8. Provides $640 of services on credit 9. Pays $290 cash in dividends 10. Collects $665 cash on accounts receivable Total Assets +350 a. Balance Sheet Total Total Liabilities Equity +350 Income Statement Net Income b. Statement of Cash Flows Operating Investing Financing Activities Activities Activities +350

a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities

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