Transactions OBJ. 4 Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery Service during August:

1. Received cash in exchange for common stock, $25,000.

2. Paid creditors on account, $3,750.

3. Billed customers for delivery services on account, $22,400.
4. Received cash from customers on account, $11,300.
5. Paid dividends, $6,000.
Indicate the effect of each transaction on the following accounting equation elements:
Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows:
(1) Asset (Cash) increases by $25,000; Common Stock increases by $25,000.