Interstate Delivery Service w owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery during May Indicate the effect of each transaction on the following accounting equation elements (Assets, Liabilities, Common Stock Dividends, events, and expense). Also indicate these item within the accounting equation element that is affected To llustrate, the answer to (1) follows: (1) Andet (Cash) increases by $18,000; Common Stock increases by $18,000 Element Item Direction 1. Received cash in exchange for common stock. $18,000 Asset Cash Increases Increases Common Stock 2. Paid advertising expense, 54,850 3. Purchased supplies an account, $2,100 4. Billed customers for delivery services on account, $14,700 5. Received cash from customers on account. 58,200