Calculate profit and E1-12 A tabular summary of the transactions for Star & Co., an accounting firm, for its first month of increase in owner's equity. operations, July 2014, follows: (SO 5) AP Cash + Accounts Receivable + Prepaid Insurance + Equipment Accounts Payable B. Star, Capital B. Star, Drawings + Revenues 1 $18,000 $6,000 $24,000 2 -4,000 8,000 $4,000 3 -750 $750 4 3,500 $4,800 5 -2,000 6-3,300 $8,300 -2,000 -$3,300 7 -800 8 1,350 -1,350 9 -2,700 10 420 Instructions (a) Describe each transaction that occurred in the month. (b) Calculate the amount of profit for the month. (c) Calculate the increase in owner's equity for the month. Expenses -800 Rent -2,700 Salaries -420 Utilities