Tabular analysis of the transactions made during August 2017 by Wolfe Company during its first month of operations is shown below. Each increase and decrease in stockholders' equity is explained.

Instructions
(a) Describe each transaction.
(b) Determine how much stockholders' equity increased for the month.
(c) Compute the net income for the month.

Assets = Liabilities + Accounts Cash +A/R+Supp. Equip. PayableStock Rev. Exp. Div 1. +$20,000 2.1,000 3.-750 4. +4,100 1,500 6 -2,000 7.-800 +450 -3,000 +$20,000 Com. Stock +$5,000 +$4,000 +$750 +$5,400 +$9,500 Serv. Rev -1,500 -$2,000 Div. - 800 Rent Exp. 8. -450 -3,000 -300 Salar. Exp. Util. Exp. 10. +300