Murray Kiser operates his own catering service. Summary financial data for February 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.

a. Describe each transaction.b. What is the amount of net decrease in cash during the month?c. What is the amount of net increase in owner's 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?

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Liabilities + Accounts Payable + 8,000 Owner's Equity Assets Murray Kiser, Murray Kiser, Capital 101,000 Cash + Supplies + Land Fees Expenses Drawing + Eamed - 75,000 4,000 30,000 Bal. 1. 2. 3. 4. 5. 6. 7. Bal. 35,000 +35,000 -15,000 -26,000 +15,000 -26,000 +1,500 +1,500 -2,000 -7,200 -2,000 -7,200 -3,000 2,300 101,000 -29,000 35,000 14,800 90,000 -2,000