Gross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Gross Country Delivery Service during May:

1. Received cash from owner as additional investment, $25,050.

2. Billed customers for delivery services on account, $6,750.

3. Paid creditors on account, $2,920.

4. Received cash from customers on account, $20,460.

5. Paid cash to owner for personal use, $11,460.

Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, Owner’s Equity, Drawing, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: 

(1) Asset (Cash) increases by $65,200; Owner’s Equity (Pedro Gonzalez, Capital) increases by $25,050.