Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. Purchased computers for $20,000 from Data Equipment on account. 2. 3. 4. 5. 6. Paid $3,000 cash for May rent on storage space. Received $15,000 cash from customers for contracts billed in April. Performed computer services for Ryan Construction Company for $2,700 cash. Paid Midland Power Co. $11,000 cash for energy usage in May. Stockholders invested an additional $32,000 in thei business. 7. Paid Data Equipment for the computers purchased in (1) above. 8. Incurred advertising expense for May of $840 on account