INFERRING TRANSACTIONS FROM BALANCES. The Chen Construction Company recently started its operations. The following totals are computed after each of 10 transactions that occurred during July:

REQUIRED:
Assuming that only one transaction occurred on each day (beginning on July 2) and that no dividends were paid, describe the transaction that most likely took place.

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ACCOUNTS ACCOUNTS CAPITAL RETAINED DATE CASH RECEIVABLE SUPPLIES LAND PAYABLE STOCK EARNINGS July 1 $200 $1,400 $ 750 $3,000 $1,100 $4,000 $ 250 2 1,200 1,400 750 3,000 1,100 5,000 250 4 1,200 1,400 1,000 3,000 1,350 5,000 250 5 1,050 1,400 1,000 3,000 1,200 5,000 250 7 3,550 1,400 1,000 3,000 1,200 5,000 2,750 9 2,850 1,400 1,000 3,700 1,200 5,000 2,750 11 3,000 1,250 1,000 3,700 1,200 5,000 2,750 14 2,250 1,250 1,000 3,700 1,200 5,000 2,000 19 2,200 1,250 1,000 3,700 1,150 5,000 2,000 25 2,250 1,200 1,000 3,700 1,150 5,000 2,000 31 2,175 1,200 1,075 3,700 1,150 5,000 2,000