An analysis of the transactions made by Peat Deloitte & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $560 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 the month.

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Accounts Accounts Owner's Owner's Drawings + Receivable + Supplies + Equipment + Capital Cash + Revenues Expenses Payable 1. +$15,000 +$15,000 +$5,000 2. +$3,000 -2,000 -750 +$750 3. +4,000 4. +$8,500 +$4,500 5. -1,500 -1,500 6. -$2,000 -2,000 -560 -$560 7. 8. +450 -450 9. -4,800 -4,800 10. +400 -400