Current Attempt in Progress Crane Company entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $42,000 in the business in exchange for common stock of the company. 2. Purchased computers for office use for $31,600 from Ladd on account. 3. Paid $4,700 cash for May rent on storage space. 4. Performed computer services worth $18,400 on account. 5. Performed computer services for Wharton Construction Company for $3,500 cash. 6. Paid Western States Power Co. $8,800 cash for energy usage in May. 7. Paid Ladd for the computers purchased in (2) 8. Incurred advertising expense for May of $2,800 on account. 9. Received $13,500 cash from customers for contracts billed in (4). Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholder Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.) Assets Stockholders' Equity Liabilities Accounts Payable Cash Accounts Receivable + Equipment Common Stock Retained Earnings Revenues - Expenses ESSOR e Textbook and Media Save for Later Attempts: unlimited Submit Answer Send to Gradebook