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+ + Common Stock 50,000 Stockholders' Equity Retained Earnings - Dividends + Fees Earned - Expenses 67,500 +71,000 Assets - Liabilities + Cash + Supplies + Land - Accounts Payable Bal 40,000 3,000 82,000 7.500 1. 71,800 2. - 15.000 +15,000 47,500 +1,100 +1,100 -5,000 6. -4,000 -4,000 -1,500 Bal. 40,300 2,600 97,000 4,600 a. (1) Select the description for transaction 1. -47,500 -5,000 -1.500 50.000 67,500 -5,000 71.000 -49.000 a. (2) Select the description for transaction 2 a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4 a. (5) Select the description for transaction 5. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7. b. What is the amount of the net increase in cash during the month? c. What is the amount of the net increase in stockholders' equity during the month? d. What is the amount of the net income for the month? e. How much of the net income for the month was retained in the business? $ Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by an + Common Stock 50,000 Stockholders' Eq + Retained Earnings - Dividends + Fees Earnes 67,500 +71,800 Assets - Liabilities + Cash + Supplies + Land Accounts Payable Bal. 40,000 3,000 82,000 7,500 1. +71,800 2. -15,000 +15,000 3. -47,500 +1,100 +1,100 -5,000 -4,000 -4,000 -1,500 Bal. 40,300 2,600 97,000 4,600 a. (1) Select the description for transaction 1. -5,000 s in on 50,000 67.500 -5,000 71,800 Paid cash dividends. ansaction 2 Payment of cash to creditors. Payment of cash for expenses. jansaction 3. Provided catering services for cash. Purchase of land for cash. Jansaction 4. Purchase of supplies on account. Recognition of cost of supplies used. CCCCCCCConnor dansaction 5. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7

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