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Nature of Transactions Teri West operates her own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income. Assets = Liabilities + Accounts Payable Stockholders' Equity Cash + Supplies + Land + Capital Stock + Fees Earned Expenses Bal. 5,300 101,300 Retained Earnings - Dividends + 65,000 10,900 71,200 1. 40,500 +47,400 -20,300 47,400 2 +20,300 3. -35,200 -35,200 4. +2,000 +2,000 > 5. -2,700 -2,700 6 -9,700 -9,700 7. -4,100 -4,100 3,200 121,600 Bal 20,000 3,200 71,200 65,000 -2,700 47,400 -39,300 a. (1) Select the description for transaction 1. 1 a. (2) Select the description for transaction 2 Check My Work Previous Next >