An analysis of the transactions made by Cullumber & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $750 for rent, $4,000 for salaries and wages, and $660 for utilities. 1. Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment Payable Capital Drawings + Revenues Expenses +$15,800 +$15,800 2. -3,300 +$5,500 +$2,200 3. -650 +$650 4. +2,600 +$4,900 5. -1,000 6. -2,900 +$7,500 -1,000 -$2,900 7. -750 8 +500 -500 9. -4,000 10. +660 (b) Determine how much owner's equity increased for the month. Net increase in owner's equity (c) Compute the amount of net income for the month. -$750 -4,000 -660