ABC Company entered into the following transactions during May, its first month of operations: May 1: ABC Company sold common stock to owners in the amount of $200,000. May 1: ABC Company paid $36,000 cash for office rent for May, June, and July. May 3: ABC Company purchased a parcel of land costing $60,000 by paying $25,000 in cash and agreeing to pay the remainder within sixty days. ABC Company provided $32,000 of services to a customer. The customer didn't pay any cash on May 9, but agreed to pay the balance due by the end of the month. May 9: May 15: ABC Company received and paid utility bills in the amount of $14,000. May 18: ABC Company sold the land purchased on May 3 for $49,000 cash. May 21: A customer paid $20,000 cash to ABC Company for services to be provided in June and July. May 27: The customer from May 9 paid the amount owed to ABC Company May 31: ABC Company received a $9,000 bill for advertising done during May. No payment was made at this time. The immediate effects on the balance sheet of the May 27 transaction would be: assets = decrease; liabilities = decrease; equity = no effect assets = increase; liabilities = no effect; equity = increase assets = no effect; liabilities = no effect; equity = no effect assets = decrease; liabilities = no effect; equity = no effect assets = increase; liabilities = increase; equity = no effect assets = no effect; liabilities = increase; equity = decrease assets = decrease; liabilities = no effect; equity = decrease assets = increase; liabilities = no effect; equity = no effect assets = decrease; liabilities = increase; equity = decrease