Identify how each of the following separate transactions 1 through 10 affects financial statements. For increases, place a "+" and the dollar amount in the column or columns. For decreases, place a "-" and the dollar amount in the column or columns. Some cells may contain both an increase (+) and a decrease (-) along with dollar amounts. The first transaction is completed as an example. Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. Answer is complete but not entirely correct. Transaction Balance Sheet Income Statement Total Assets Total Liabilities 1. Owner invests $725 cash in business in exchange for stock +725 Total Equity +725 Net Income Operating Activities b. Statement of Cash Flows Investing Activities Financing Activities +725 2. Receives $525 cash for services provided +525 +525 +525 +525 3. Pays $645 cash for employee wages -645 -645 -645 -645 4. Buys $775 of equipment on credit +775 +775 5. Purchases $875 of supplies on credit +875 +875 > > -775 X-775 6. Buys equipment for $975 cash +/-975 +975 -975 7. Pays $815 on accounts payable -815 -815 -815 8. Provides $615 of services on credit +615 +615 +615 9. Pays $665 cash in dividends -665 -665 10. Collects $980 cash on accounts receivable +/-980 -665 +980