Exercise 3-01 Selected transactions for Thyme Advertising Company, Inc. are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. Issued common stock to investors in exchange for cash received from investors. 2. 3. 4. Increase in assets and increase in stockholders' equity. Increase in assets and decrease in assets. Increase in liabilities and decrease in stockholders' equity. Decrease in assets and decrease in liabilities. Increase in liabilities and decrease in liabilities Increase in assets and increase in liabilities. Decrease in assets and decrease in stockholders' equity. Decrease in liabilities and increase in stockholders' equity. 5. 6. 7. Paid monthly rent. Received cash from customers when service was performed. Billed customers for services performed. Paid dividend to stockholders. Incurred advertising expense on account. Received cash from customers billed in (4). Purchased additional equipment for cash. Purchased equipment on account. 8. 9