Problem 3: The analysis of the first eight transactions of Advanced Accounting Service follows. Describe each transaction. ASSETS EQUITY LIABILITIES + Contributed Capital Accounts + Common Payable +31,000 Retained Earnings Dividends + Service - Salaries Revenue Expense Stock $31,000 +3,800 + $3,800 +13,400 $13,400 + $31,000 + $3,800 Cash + Accounts Equipment Receivable 1 +31,000 2 +3,800 Bal. 531,000+ $3,800 3 +13,400 Bal. $31,000+ $3,800 + $13,400 4 +190 -190 Bal. 531,190 + $3,610 + $13,400 5 410 +410 Bal. $30,780+ $3,610+ $13,810 8,000 Bal$22,780 + $3,610+ $13,810 7 +790 Bal. $23,570+ $3,610 + $13,810 8 -1,500 Bal. $22,070 53,610 + 513,810 $13,400 + $31,000 + $3,800 + $3,800 $13,400 + $31,000 8,000 $5,400 + $31,000 $5,400 + $31,000 + $3,800 +790 + $4,590 - 1,500 + 34,590 - 31,500 35,400 + 531,000