Chapter 2 2-2 Below are external transactions for Shockers Inc. 1) Issue Common Stock in exchange for Cash 2) Purchase equipment by signing a note payable 3) Provide services to customers on account 4) Pay rent for current month 5) Pay insurance for current month 6) Collect cash from customers on account Assets Increase = = Liabilities No effect SH Equity Increase DOO Analyze each transaction and indicate whether the transaction increases, decreases, or has no effect