Exercise 3-5 Pharoah Company, a computer services company, entered into these transactions during May 2017, its first month of operations. Stockholders invested $43,500 in the business in exchange for common stock of the company 1 2. Purchased computers for office use (recorded as Equipment) for $34,600 from Ladd on account Paid $4,400 cash for Hay rent on storage space 3. Performed computer services worth $19,400 an account. 4 Performed computer services for Wharton Construction Company for $5,100 cash 5. Paid Western States Power Co. $7,200 cash for energy usage in May 6 Paid Ladd for the computers purchased in (2). 7. Incurred advertising expense for May of $2,400 on account Recelved $10,500 cash from customers for contracts billed in (4). 9. Using the foliowing tabular analysis, show the effect of each transaction on the accousting equation, Put explanations for changes to revenues or expenses in the right-hand column, (If a transaction causes a decrease in Assets, Liabllities or StocAholders Equlty, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liabiity or Equity item that was reduced.) Stockholders Equity Assets Liabilities Accounts Payable+ Common Stock Retained Enrnings Accounts Receivable Equipment Cash Expenses Revenues (1) (2) [4 (5) (6) (7) (9) Question Attempts: 0 of 5used 333