Keystone Computer Timeshare Company entered into the following transactions during May 2022. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. Purchased computers for $20,000 from Data Equipment on account. 2. 3. 4. 5. 6. 7. 8. Paid $3,000 cash for May rent on storage space. Received $15,000 cash from customers for contracts billed in April. Performed computer services for Ryan Construction Company for $2,700 cash. Paid Midland Power Co. $11,000 cash for energy usage in May. Stockholders invested an additional $32,000 in the business. Paid Data Equipment for the computers purchased in (1) above. Incurred advertising expense for May of $840 on account. Increase in assets, increase in liabilities Increase in assets, increase in stockholders' equity Increase in assets, decrease in liabilities Increase in assets, decrease in stockholders' equity Increase in assets, decrease in assets Increase in liabilities, increase in stockholders' equity Increase in liabilities, decrease in liabilities Increase in liabilities, decrease in stockholders' equity Increase in liabilities, decrease in assets Increase in stockholders' equity, decrease in assets Increase in stockholders' equity, decrease in liabilities Increase in stockholders' equity, decrease in stockholders' equity Decrease in assets, decrease in liabilities Decrease in assets, decrease in stockholders' equity Decrease in liabilities, decrease in stockholders' equity