During 2018, its first year of operations as a delivery service, Cullumber Corp. entered into the following transactions. The fiscal year end for Cullumber is December 31. 1. 2. 3. 4. 5. Issued common shares to investors in exchange for $100,000 in cash. Borrowed $49,000 cash from the bank, due 2020 Purchased delivery vehicles for $59.000 cash. Received $26,000 from customers for services provided. Purchased supplies for $4,500 on account. Paid rent of $5,900 Performed services on account for $11,000. Paid salaries of $25,000 Declared and paid a dividend of $11,000 to shareholders. Paid income taxes of $300 for the month. 6. 7. 8. 9. 10. Indicate the effect of each transaction on the accounting equation. Use the following format. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or in parenthesis es. (15,000).) Assets Cash Accounts Receivable Supplies Vehic $ 1 2 5 7 8 10 Indicate the effect of each transaction on the accounting equation. Use the following format. (If an amount reduces the account balance then enter with a negative sign preceding the number eg.-15,000 or in parenthesis es. (15,000):) Shareholders' Equity Retained Earnings Common Shares Revenues Expenses Dividends Declared Liabilities Vehicles Accounts Payable Bank Loan Payable Common Sh $