Please help with b,c, d, e Paid cash dividends.. (6) Select the description for transaction 6.Payment of cash to creditors.a. (7) Select the description for transaction 7.Recognition of cost of supplies used.b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number.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?#3EDC$4R>F%5VTG6All work saved.MacBook ProBYThe&HU* 00My8J-N ΝΙΜ9K0OJ.PEmail InstrucLP 4Nature of TransactionsTeri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the effeequation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income.Cash + Supplies + LandBal. 28,000 3,600 70,0001. +32,8002.-14,0003. -24,4004.5.6.7.Bal.-1,900-6,700AssetsחיE+1,400-2,80013,800 2,200 84,000a. (1) Select the description for transaction 1.Provided catering services for cash.a. (2) Select the description for transaction 2.Purchase of land for cash.a. (3) Select the description for transaction 3.Payment of cash for expenses.4+14,000a. (4) Select the description for transaction 4.Purchase of supplies on account.a. (5) Select the description for transaction 5.Paid cash dividends.$Stockholders' Equity= Accounts Payable + Capital Stock + Retained Earnings - Dividends + Fees Earned ExpensesR=Liabilities +>%5T7,600+1,400-6,7002,300A629,00029,000All work saved.YMacBook ProThe&7U65,00065,000* 008My-1,900-1,900932,80032,80000-24,400-2,800-27,200Email InstructorP<SL

Answered: Nature of Transactions Teri West…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Please help with b,c, d, e

Paid cash dividends.
. (6) Select the description for transaction 6.
Payment of cash to creditors.
a. (7) Select the description for transaction 7.
Recognition of cost of supplies used.
b. What is the amount of the net decrease in cash during the month? Enter decrease as a positive number.
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?
#3
E
D
C
$
4
R
>
F
%
5
V
T
G
6
All work saved.
MacBook Pro
B
Y
The
&
H
U
* 00
My
8
J
-
N ΝΙΜ
9
K
0
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J.P
Email Instruc
L
P

4
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 effe
equation. Each increase and decrease in stockholders' equity, except transaction (5), affects net income.
Cash + Supplies + Land
Bal. 28,000 3,600 70,000
1. +32,800
2.
-14,000
3. -24,400
4.
5.
6.
7.
Bal.
-1,900
-6,700
Assets
חי
E
+1,400
-2,800
13,800 2,200 84,000
a. (1) Select the description for transaction 1.
Provided catering services for cash.
a. (2) Select the description for transaction 2.
Purchase of land for cash.
a. (3) Select the description for transaction 3.
Payment of cash for expenses.
4
+14,000
a. (4) Select the description for transaction 4.
Purchase of supplies on account.
a. (5) Select the description for transaction 5.
Paid cash dividends.
$
Stockholders' Equity
= Accounts Payable + Capital Stock + Retained Earnings - Dividends + Fees Earned Expenses
R
=Liabilities +
>
%
5
T
7,600
+1,400
-6,700
2,300
A
6
29,000
29,000
All work saved.
Y
MacBook Pro
The
&
7
U
65,000
65,000
* 00
8
My
-1,900
-1,900
9
32,800
32,800
0
0
-24,400
-2,800
-27,200
Email Instructor
P
<
SL

Expert Solution

Step 1 Introduction

The question is based on the concept of Accounting Equation in Financial Accounting.

Accounting Equation makes the assets equals to the liabilities and the equity of an entity. Any transaction occurred during a period is made affected to the both side of the equation.

Accounting equation:

Assets = Liabilities + Equity

As per the answering guidelines we are allowed to answer only the first three sub-parts in case of multiple sub-parts.

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Solved in 4 steps

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