3. Transactions Obj. 4 Arrowhead Delivery Service is owned and operated by Gates Deeter. The following ME HOW selected transactions were completed by Arrowhead Delivery 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