Exercise 3-02 Your answer is partially correct. Try again. Carla Vista Co. entered into these transactions during May 2022, its first month of operations. 1. Stockholders invested $48,500 in the business in exchange for common stock of the company. Purchased computers for office use for $27,500 from Ladd on account. Paid $3,300 cash for May rent on storage space. Performed computer services worth $18,000 on account. Performed computer services for Wharton Construction Company for $3,700 cash. 6. Paid Western States Power Co. $7,400 cash for energy usage in May. 7. Paid Ladd for the computers purchased in (2). 8. Incurred advertising expense for May of $3,300 on account. 9. Received $13,800 cash from customers for contracts billed in (4). Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to revenues or expenses in the far right column. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.) = Liabilities + Stockholders' Equity Assets Accounts Receivable Cash + Equipment = Accounts Payable Common Stock Retained Earnings Revenues - Expenses 48500 48500 27500 27500 3300 T Rent Expense 18000 18000 Service Revenue A MEISTITTIT II 1000000000 FCCOTTO DI 700 700 T Service Revenue 7400 Utilities Expense A 27500 27500 3300 T Advertising Expense 13800 13800 27800 4200 27500 3300 48500 21700 14000 Click if you would like to Show Work for this question: Open Show Work