11. For each item, indicate the impact of that transaction on assets, liabilities, and equity. Assume that all transactions, unless stated otherwise, are in cash. Liabilities Transaction Assets (increase + or decrease ) (increase + or decrease ) Equity (increase + or decrease) + 1. Received $50,000 cash and issued stock to the owners 2. Paid $40,000 cash for land Bought $3,700 of supplies on 3. account 4. Received $7,000 cash from customers for service revenue earned Performed services for customers on account, $3,000 5. 7. Paid cash expenses: rent, $1,100; 6. employee salary, $1,200; utilities, $400 Paid $1,900 on the account payable created in transaction 3 Major stockholder paid personal 8. funds to remodel home, not a business transaction 9. Received $1,000 on account Sold land for cash at the land's cost 10. of $22,000 Declared and paid a dividend of 11. $2,100 to the stockholders