equired: For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, entify how each transaction affects net income. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing ctivities, and cash flows from financing activities. a. Transaction Balance Sheet Total Total Total Assets Liabilities Equity Income Statement Net Income b. Statement of Cash Flows Operating Investing Financing Activities Activities Activities 1. Owner invests $500 cash in business in exchange for stock +500 +500 +500 2 Receives $300 cash for services provided +300 +300 +300 +300 3. Pays $100 cash for employee wages -100 -100 -100 -100 4. Buys $230 of equipment on credit +1-230 5. Purchases $330 of supplies on credit +230 +230 6. Buys equipment for $430 cash +1-430 -430 7. Pays $270 on accounts payable -270 -270 -270 8 Provides $470 of services on credit 9. Pays $120 cash in dividends 10. Collects $495 cash on accounts receivable -120 +1-495 +470 +470 +470 -120 -120 +495