Your answer is partially correct. Try again. Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders equity. 1. Issued common stock to investors in exchange for cash received from investors. Entry field with correct answer 2. Paid monthly rent. Entry field with correct answer 3. Received cash from customers when service was performed. Entry field with incorrect answer 4. Billed customers for services performed. Entry field with incorrect answer 5. Paid dividend to stockholders. Entry field with correct answer 6. Incurred advertising expense on account. Entry field with incorrect answer 7. Received cash from customers billed in (4). Entry field with correct answer 8. Purchased additional equipment for cash. Entry field with incorrect answer 9. Purchased equipment on account.