Review the transactions listed in E3.1 for Wolfe Ltd.

Instructions
Classify each August transaction as either an operating activity, investing activity, or financing activity.

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Liabilities Shareholders' Equity Unearned Common Retained Earnings Cash + A/R + Sup. +Equipment= A/P + Revenue + Shares + Bal. + Rev.-Exp.-Div. July 31 Bal. +$6500 (1) 1,000 1,000 750 +$5,000 +$2,000 +$5,000 + $4,500 +$1,000 +$5,000 +4,000 +$750 (4 +4,100 5,400 +$9,500 Service revenue 2,000 1,000 4,800 (8) +5,000 $1,000 Dividends declared Operating expenses -$4,800 5,000 Interest expense Income tax expense (10) 880