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Purpose of Assignment Materials The purpose of this assignment is to help you become familiar with examining transactions and how it affects the balance sheet. Financial Accounting, Ch. 3: The Accounting Information System Assignment Steps Analyzing the Effect of Transactions Grading Guide Resources: Financial Accounting: Tools for Business Decision Making Week 2 Excel Spreadsheet Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder's equity: Selected transactions for Thyme Advertising Company, Inc. o Issued common stock to investors in exchange for cash received from investors. o Paid monthly rent. o Received cash from customers when service was performed o Billed customers for services performed. o Paid dividend to stockholders o Incurred advertising expense on account. o Received cash from customers billed in (4) o Purchased additional equipment for cash oPurchased equ Use the Excef spreadsheet to record your answers and submit with your responses. Click the Assignment Files tab to submit your assignment