An analysis of the transactions made by Foley & Co., acertified public accounting firm, for the month of August is shownbelow. Each increase and decrease in stockholders’ equity isexplained.
a. Describe each transaction that occurred for the month(Provide the explanation for each transaction)
b. Determine how much stockholders’ equity increased for themonth.
c. Compute the amount of netincome for the month.
An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is shown below. Each increase and Stockholders’ Equity Assets Liabilities Retained Earnings Accounts Accounts Common Supplies Equipment Receivable Payable Stock Cash Rev. Exp. Div. $15,000 $15,000 2 -2,000 $5,000 $3,000 $750 750 4 4,900 $4,500 $9,400 Service Revenue 1,500 1,500 -2.000 $2,000 850 $850 Rent Expense 450 450 9 -3,900 -3,900 Sal /Wages Expense 500 10 500 Utilities Expense Show transcribed image text An analysis of the transactions made by Foley & Co., a certified public accounting firm, for the month of August is shown below. Each increase and Stockholders’ Equity Assets Liabilities Retained Earnings Accounts Accounts Common Supplies Equipment Receivable Payable Stock Cash Rev. Exp. Div. $15,000 $15,000 2 -2,000 $5,000 $3,000 $750 750 4 4,900 $4,500 $9,400 Service Revenue 1,500 1,500 -2.000 $2,000 850 $850 Rent Expense 450 450 9 -3,900 -3,900 Sal /Wages Expense 500 10 500 Utilities Expense
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