An analysis of the transactions made by Arthur Cooper & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and wages, and $400 for utilities.

Instructions
(a) Describe each transaction that occurred for the month.
(b) Determine how much owner€™s equity increased for the month.
(c) Compute the amount of net income for themonth.

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Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable + Capital -Drawings + Revenues-Expenses 1.+$15,000 2.2,000 3.750 4. +4,600 $3,900 5. -1,500 6. 2,000 7.650 8. +450 9.-4,800 10 +$15,000 +$5,000$3,000 +$750 +$8,500 -1,500 -$2,000 -$650 -450 -4,800 -400 +400