An analysis of the transactions made by s moses amp co a

Question

An analysis of the transactions made by S. Moses & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,900 for salaries, and $500 for utilities.

Instructions

(a) Describe each transaction that occurred for the month.

(b) Determine how much owner's equity increased for the month.

(c) Compute the amount of net income for the month.