Kelton Fitzgerald has recently expanded his business and has hired his former student, Karen Jagoe, as an instructor. His company provides water skling lessons. PART A 1. Place an " x " in all boxes that DIRECTLY apply. For example, while the capital account is adjusted for drawings and next income at year end in the expanded OE section, the initial transaction (ex. revenue, expenses, drawings), does not affect the capital account directly at the time. (Hint: there may be more than one per rowl) Affected by an investment of personal funds by Kelton (i.e. the owner). An increase in equity resulting from providing water ski lessons. A cost of doing business, such as gassing up the ski-boat. Affected by personal withdrawals by Kelton. Found on the Balance Sheet. Found on the income statement. Increases are recorded on the debit side. Increases are recorded on the credit side. Part of the calculation of Net income