Identify how each of the following separate transactions affects financial statements. 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. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from financing activities, and cash flows from investing activities. For increases, place a “+” in the column or columns. For decreases, place a “-” in the column or columns. If both an increase and a decrease occur, place a “+/-” in the column or columns. The first transaction is completed as anexample.

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Incorne Statement Balance Sheet Statement of Cash lows TotalIncome Investing Activities Total Net Operating Transaction AssetsLiEquity IncomeActivities LiabTotal Activities citeAancing Owner invests cash In business 2Incurs legal costs on credit 3 Pays cash for employee wages 4Borrows cash by signing long-term note payable 5 Receives cash for services provided 6 Buys land by signing note payable 7 Buys office equipment for cash Provides services on credit 9 Collects cash on recelvable from (8) 0Owner withdraws cash