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 Assets Liabilities Owner's Equity Cash Supplies Land Accounts Payable Kristoff Walker, Capital Kristoff Walker, Drawing Fees Earned Expenses Bal 37,600 4,900 94,000 10,200 126,300 1 44,000 44,000 2 18,800 18,800 3 32,700 32,700 4 1,900 1,900 5 2,500 2,500 6 9,000 9,000 7 3,800 3,800 Bal 18,600 3,000 112,800 3,100 126,300 2,500 44,000 36,500 a (1) Select the description for transaction 1 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Provided catering services for cash a (2) Select the description for transaction 2 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Purchase of land for cash a (3) Select the description for transaction 3 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Payment of cash for expenses a (4) Select the description for transaction 4 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Purchase of supplies on account a (5) Select the description for transaction 5 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Withdrawal of cash by owner a (6) Select the description for transaction 6 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Payment of cash to creditors a (7) Select the description for transaction 7 Payment of cash for expenses Provided catering services for cash Purchase of supplies on account Purchase of land for cash Payment of cash to creditors Recognition of cost of supplies used Withdrawal of cash by owner Recognition of cost of supplies used n b What is the amount of the net decrease in cash during the month $fill in the blank 8 c What is the amount of the net increase in owner's equity during the month $fill in the blank 9 d What is the amount of the net income for the month $fill in the blank 10 e How much of the net income for the month was retained in the business $fill in the blank 11

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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

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.

	Assets			=	Liabilities +		Owner's Equity
	Cash + Supplies + Land			=	Accounts Payable	+	Kristoff Walker, Capital	-	Kristoff Walker, Drawing	+	Fees Earned	-	Expenses
Bal.	37,600	4,900	94,000		10,200		126,300
1.	+44,000										+44,000
2.	-18,800		+18,800
3.	-32,700												-32,700
4.		+1,900			+1,900
5.	-2,500								-2,500
6.	-9,000				-9,000
7.		-3,800											-3,800
Bal.	18,600	3,000	112,800		3,100		126,300		-2,500		44,000		-36,500

a. (1) Select the description for transaction 1.

Payment of cash for expenses.Provided catering services for cash.Purchase of supplies on account.Purchase of land for cash.Payment of cash to creditors.Recognition of cost of supplies used. Withdrawal of cash by owner.Provided catering services for cash.

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? $fill in the blank 8

c. What is the amount of the net increase in owner's equity during the month? $fill in the blank 9

d. What is the amount of the net income for the month? $fill in the blank 10

e. How much of the net income for the month was retained in the business? $fill in the blank 11