Question: Review the transactions listed in E3.1 for Wolfe Ltd. Instructions Classify each August transaction as either an operating activity, investing activity, or financing activity. Liabilities

Review the transactions listed in E3.1 for Wolfe Ltd.

Instructions
Classify each August transaction as either an operating activity, investing activity, or financing activity.

Liabilities Shareholders' Equity Unearned Common Retained Earnings Cash + A/R + Sup. +Equipment= A/P + Revenue + Shares + Bal. + Rev.-Exp.-Div. July 31 Bal. +$6500 (1) 1,000 1,000 750 +$5,000 +$2,000 +$5,000 + $4,500 +$1,000 +$5,000 +4,000 +$750 (4 +4,100 5,400 +$9,500 Service revenue 2,000 1,000 4,800 (8) +5,000 $1,000 Dividends declared Operating expenses -$4,800 5,000 Interest expense Income tax expense (10) 880

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