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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 + Supplies + Land Accounts Payable + Common Stock + Retained Earnings - Dividends + Fees Earned. Expenses Bal 40,000 3,000 82,000 7,500 50,000 67,500 1 +71,800 +71,800 2 -15,000 +15,000 3. -47,500 -47,500 +1,100 +1,100 5. -5,000 -5,000 6. -4,000 -4,000 7. -1,500 - 1,500 Bal, 40,300 2,500 97,000 4,600 50,000 67,500 -5,000 71,800 -49,000 a. (1) Select the description for transaction 1. I (2) Select the description for transaction 2 a. (3) Select the description for transaction 3 a. (4) Select the description for transaction 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 increase in cash during the month? 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