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 Cash+Supplies + Land Bal. 26,400 3,400 66,000 1. +30,900 2. -13,200 +13,200 3. 23,000 4. +1,300 5. -1,8001 6. -6,300 7. -2,600 Bal 13,000 2,100 79,200 Liabilities + Stockholders' Equity B Accounts Payable Capital Stock + Retained Earnings Dividends + Fees Earned Expenses 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. 7,100 +1,300 -6,300 23,700 65,000 -1,800 30,900 -23,000 -2,600 2,100 23,700 65,000 -1,800 30,900 -25,600