Nature of Transactions Teri West operates his 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 owner's equity, except transaction (5), affects net income. Bal. 1. Assets Liabilities + Owner's Equity Cash + Supplies + Land - Accounts Payable + Kristoff Walker, Capital - Kristoff Walker, Drawing + Fees Earned - Expenses 29,000 3,800 72,500 7,800 97,500 +33,900 +33,900 -14,500 +14,500 -25,200 -25,200 + 1,500 +1,500 2. 3. 4. 5. -1,900 -1,900 6. -7,000 -7,000 7. -2,900 -2,900 Bal. 14,300 2,400 87,000 2,300 97,500 -1,900 33,900 -28,100 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? $ c. What is the amount of the net increase in owner's 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? $