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

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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

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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

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