An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in stockholders’ equity is explained.

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

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Assets Liabilities+Stockholders' Equity Accounts Common AccountsSuppliesEquipmentPavable Stock Receivable Retained Earnin Rev Cash + pDiv . +$15,000 2. 2,000 3. 750 4. +4,900 +4,500 5. 1,500 6. 2,000 7.850 8. +450 9 3,900 10. +$15,000 $5,000 +$3,000 +$750 +$9,400 Seivice Revenue -1,500 -$2,000 -$850 Rent Expense -450 -3,900 -500 Sal./Wages Expense Utilities Expense +500