Following the example shown in (a) below, indicate the effects of the listed transactions on the assets, liabilities, and stockholders' equity of McKay \& Company:

a. Rendered services to clients for cash.

ANSWER: Increase assets (Cash) 

Increase stockholders' equity (increase Revenue)

b. Invested cash in the firm in exchange for common stock.

c. Purchased a document scanner on account.

d. Borrowed cash from a bank and signed a nine-month note.

e. Paid amount due on account for scanner purchased in (c).

f. Rendered services and billed clients.

g. Paid stockholders a cash dividend.

h. Paid interest on note payable to bank.

i. Received payment from clients billed in f.