An analysis of the transactions made by Ivanhoe & Co$.,$ a certified public accounting firm, for the month of August is shown as follows. The expenses were $$700$ for rent, $$4,800$ for salaries and wages, and $$660$ for utilities.

Cash

$+$

Accounts

Receivable

$+$

Supplies

$+$

Equipment

$=$

Accounts

Payable

$+$

Owner$$s

Capital

$$

Owner$$s

Drawings

$+$

Revenues

$$

Expenses

$1.$

$+$$$14,900+$$$14,900$

$2.$

$1,000+$$$4,300+$$$3,300$

$3.$

$850+$$$850$

$4.$

$+4,600+$$$3,800+$$$8,400$

$5.$

$1,7001,700$

$6.$

$1,500$$$1,500$

$7.$

$700$$$700$

$8.$

$+350350$

$9.$

$4,8004,800$

$10.$

$+660660$

$($b$)$

Determine how much owner$$s equity increased for the month.

Net increase in owner$$s equity

$enter the net increase in owner$$s equity in dollars

$($c$)$

Compute the amount of net income for the month.

Net income

$enter the net income amount in dollars

Answer rating: 100% (QA)

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