Required: a. For the balance sheet, identify how each transaction affects total assets, total liabilities, and total equity. For the income statement, identify how each transaction affects net income. b. For the statement of cash flows, identify how each transaction affects cash flows from operating activities, cash flows from investing activities, and cash flows from financing activities. a. b. Transaction Balance Sheet Total Income Statement Total Total Net Assets Liabilities Equity Income 1. Owner invests $700 cash in business in exchange for stock +700 +700 Statement of Cash Flows Operating Investing Financing Activities Activities Activities +700 2. Receives $500 cash for services provided +500 +500 +500 +500 3. Pays $300 cash for employee wages -300 -300 -300 -300 4. Buys $430 of equipment on credit +430 +430 5. Purchases $530 of supplies on credit +530 +530 6. Buys equipment for $630 cash 7. Pays $470 on accounts payable -630 -470 -470 -470 8. Provides $670 of services on credit 9. Pays $320 cash in dividends +670 +670 +670 -320 -320 10. Collects $695 cash on accounts receivable -320 +695