E1.8 (LO 4, 5), AP Writing An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is as follows. Each increase and decrease in stockholders' equity is explained. Assets Accounts Cash Receivable + Supplies + Equipment 1. +$15,000 -2,000 +$5,000 3. -750 +$750 4. +4,900 +$4,500 2. 5 6. -1,500 -2,000 7. -850 8. -450 +450 -3,900 9. 10. Instructions a. Describe each transaction that occurred for the month. b. Determine how much stockholders' equity increased for the month. c. Compute the amount of net income for the month. Prepare financial statements. 3 BOB QAA F Retained Earnings Rev. Exp. Div. Accounts Payable + Common + Stock +$15,000 +$3,000 +$9,400 Service Revenue -1,500 -$ 850 $2,000 Rent Expense 7 1 -3.900 +500 -500 Sal./Wages Expense Utilities Expense Go to Page