Answer the questions 1-5

Exercise 1-13 Teri West operates her own catering service. Summary financial data for July 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. 1. Describe each transaction. 2. What is the amount of the net increase in cash during the month? 3. What is the amount of the net increase in owner's equity during the month? 4. What is the amount of the net income for the month? 5. How much of the net income for the month was retained in the business? Assets Liabilities + Owner's Equity Teri West, Supplies + Land Payable + Capital Drawing + Lamned - Expenses 7.500 117,500 +71,300 +15,000 Fees Accounts Teri West 3,000 82.000 Cash 40,000 +71.800 -15.000 -47.500 Bal. 1. 2 3. 4. -47.500 +1,100 +1,100 -5,000 -5.000 -4,000 -4.000 5. 6. 7. Bal -1.500 71.500-19.000 -5.000 71,800 -1,500 2600 4,600 117.500 97,000 40.300