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 + Stockholders' Equity Cash Bal. 40,000 3,000 Land + Supplies + 82,000 = Accounts Payable + Common Stock + Retained Earnings Dividends + Fees Earned - E 7,500 50,000 67,500 1. +71,800 +71,800 2. -15,000 +15,000 3. -47,500 4. +1,100 +1,100 > 56 5. -5,000 -5,000 -4,000 -4,000 7. -1,500 Bal. 40,300 2,600 97,000 4,600 50,000 67,500 -5,000 71,800 -4 a. (1) Select the description for transaction 1. Provided catering services for cash. X a. (2) Select the description for transaction 2. Purchase of land for cash. V a. (3) Select the description for transaction 3. Check My Work 3 more Check My Work uses remaining. Previous Next > Save and Exit Submit Assignment for Grading