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 = Liabilities + Stockholders' Equity = Accounts Payable + Capital Stock + Retained Earnings - Dividends + Fees Earned - Expenses 7,800 31,700 65,000 33,700 Bal. 28,800 3,700 72,000 1. +33,700 2. -14,400 +14,400 3. -25,100 -25,100 4. +1,400 +1,400 5. -1,900 -1,900 6. -6,900 -6,900 7. -2,900 -2,900 Bal 14,200 2,200 86,400 2,300 31,700 65,000 -1,900 33,700 -28,000 a. (1) Select the description for transaction 1. a. (2) Select the description for transaction 2. a. (3) Select the description for transaction 3