An analysis of the transactions made by Liam Agler & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and wages, and $500 for utilities.

Instructions
(a) Describe each transaction that occurred for the month.
(b) Determine how much owner€™s equity increased for the month.
(c) Compute the amount of net income for themonth.

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Accounts +Receivable+Supplies+ Equipment = Accounts Owners Owner's Capital Cash Payable + -Drawings + Revenues-Expenses 1.+15,000 2. -2,000 -750 +15,000 +$5,000 +$3,000 +$750 4. +4,600 3,900 +$8,500 5.1,500 6. 2,000 650 8. +450 9. -4,800 -1,500 $2,000 ー450 $650 -4,800 -500 10 +500