Exercise 1-06 Your answer is partially correct. Try again. Selected transactions for Poway Landscaping Company are listed below. Describe the effect of each transaction on assets, liabilities, and owner's equity. For example, the first answer is: Increase in assets and increase in owner's equity. 1. Made cash investment to start business. [Increase in assets and increase in owner's equity 2. Paid monthly rent. Decrease in assets and decrease in owner's equity 3. Purchased equipment on account. Increase in liabilities and increase in owner's equity 4. Billed customers for services performed. Increase in assets and increase in owner's equity 5. Withdrew cash for owner's personal use. Decrease in assets and decrease in owner's equity 6. Received cash from customers billed in (4). Increase in assets and increase in owner's equity 7. Incurred advertising expense on account. Increase in liabilities and decrease in owner's equity 8. Purchased additional equipment for cash. Increase in assets and increase in liabilities 9. Received cash from customers when service was performed. Tincrease in assets and increase in owner's equity