Nature of Transactions Teri West operates her own catering service. Summary financial data for July 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 9,300 Stockholders' Equity Dividends + Fees Eamed Expenses Cash + Supplies + Land 34,500 4,500 86,300 +40,400 + Capital Stock + Retained Earnings 51,000 65,000 Bal. 1. 40,400 2. -17,300 +1 7,300 3. -30,000 -30,000 4. +1,700 +1,700 5. -2,300 -2,300 6. -8,300 -8,300 7. -3,500 -3,500 Bal. 17,000 2,700 103,600 2,700 51,000 65,000 -2,300 40,400 -33,500 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3. a. (4) Select the description for transaction 4. a. (5) Select the description for transaction 5. a. (6) Select the description for transaction 6. a. (7) Select the description for transaction 7. b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number. $ $ c. What is the amount of the net increase in stockholders' equity during the month? d. What is the amount of the net income for the month? $ e. How much of the net income for the month was retained in the business? $