An analysis of the transactions made by Ivanhoe & Co, a certified public accounting firm, for the month of August is shown as follows. The expenses were $550 for rent, $4,600 for salaries and wages, and $420 for utilities. Cash Accounts + Receivable Supplies - Equipment Accounts Payable Owner's Owner's Capital - Drawings - Revenu $ 15,800 1 +$15,800 -1.900 $5,300 $3,400 3 -700 $700 +3,300 +$5,700 $9.04 5. -1.700 - 1,700 6 - 1.200 - $1,200 7 -550 8. +450 450 9. -4,600 +420 10. 8 -450 -450 9 -4600 10. +420 (b) Determine how much owner's equity increased for the month Net increase in owner's equity S ic) Compute the amount of net income for the month Net income 5