An analysis of the transactions made by Dewey, Cheatem & Co., a law firm, for the month of July is shown below. Each increase and decrease in owner's equity is explained. Accounts Accounts Owner's Cash + Receivable + Supplies - Equipment = Payable + Capital +$15,000 + 1. +$15,000 Investment 2. - 2,500 +$6,000 +$3,500 3. 750 +$750 4. + 2,400 +$7,600 10,000 Service Revenue 5.- 1,500 - 1,500 6. - 2,300 2,300 Drawings 7. 750 750 Rent Expense 8. + 850 850 9. - 4,500 4,500 Salaries Expense 10. + 400 400 Utilities Expense Instructions (a) Prepare an income statement for the month ending July 31, 2016. (b) Prepare an owner's equity statement for the month ending July 31, 2016