ACCOUNTIN Weygandt, Accounting Principles, 12e Gradebook ORION Downloadable eTextbook nt Describe the effect of each transaction on assets, labilities, and owner's equity. 1. Purchased computers for $20,000 from Digital Equipment on account 2. Paid $4,000 cash for May rent on storage space. 3. Received $17,000 cash from customers for contracts billed in April Performed computer services to Viking Construction Company for $4,000 cash. 5. Paid Tri-State Power Co. $11,000 cash for energy usage in May 6 Falske imvested an additional $29,000 in the business. 4. 7. Paid Digital Equipment for the computers purchased in (1) above. 8. incurred advertising expense for May of $1,200 on account. 02 2 3 4 W E RT Y UO