(LO 4), AP An analysis of the transactions made by Peat Deloitte & Co., a certified public accounting firm, for the month of August is shown as follows. The expenses were $560 for rent, $4,800 for salaries and wages, and $400 for utilities.

Cash		+	Accounts Receivable	+	Supplies	+	Equipment	=	Accounts Payable	+	Owners Capital		Owners Drawings	+	Revenues		Expenses
1.	+$15,000										+$15,000
2.	2,000						+$5,000		+$3,000
3.	750				+$750
4.	+4,000		+$4,500												+$8,500
5.	1,500								1,500
6.	2,000												$2,000
7.	560																$560
8.	+450		450
9.	4,800																4,800
10.									+400								400

Instructions

1. Describe each transaction that occurred for the month.
2. Determine how much owners equity increased for the month.
3. Compute the amount of net income for the month.

Prepare financial statements.