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Cullumber Company entered into these transactions during May 2017. its first month of operations. 1. 2. 3. 4. 5 Stockholders invested $40,000 in the business in exchange for common stock of the company Purchased computers for office use for $30,600 from Ladd on account. Paid $2,600 cash for May rent on storage space. Performed computer services worth $20,000 on account Performed computer services for Wharton Construction Company for $3,500 cash, Paid Western States Power Co. $7,200 cash for energy usage in May. Paid Ladd for the computers purchased in (2) Incurred advertising expense for May of $2,500 on account. Received $10,300 cash from customers for contracts billed in (4) 6. 7. 8 9 Using the following tabular analysis, show the effect of each transaction on the accounting equation. Put explanations for changes to Stockholders' Equity 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 3-3 for example.) Assets Cash Accounts Receivable Equipment (1) 1 $ 40.000 $ $ (2) (3) (5) (6) (7) (8) (9) $ Liabilities Stockholders' Equity Accounts Payable Common Stock Retained Earnings Revenues Expenses $ 40.000 $ $ $ $ $