1. Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March:
   1. Received cash in exchange for common stock, $30,000.
   2. Paid advertising expense, $3,500.
   3. Purchased supplies on account, $2,500.
   4. Billed customers for delivery services on account, $18,750.
   5. Received cash from customers on account, $14,150.
   Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $30,000; Common Stock increases by $30,000.