Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery during August:

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 $25,000; Common Stock increases by $25,000.

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1. 2. 3. 4. 5. Received cash in exchange for common stock, $25,000. Paid creditors on account, $3,750. Billed customers for delivery services on account, $22,400. Received cash from customers on account, $11,300. Paid dividends, $6,000.