Question Two 20 marks Isshita Thought Production is owned and led by Isshita Karim. The following selected transactions were completed by Isshita Thought Production during October 1. Received cash in exchange for common stock, $25,000. 2. Paid advertising expense, $3,850. 3. Purchased supplies on account, $2,100. 4. Billed customers for consulting services on account, $15,700. 5. Received cash from customers on account, $8,500. 6. Received cash for services performed, $3,100. Indicate the effect of each transaction on the following accounting equation elements: Assets, Liabilities, Common Stock Dividends, Revenue, and Expense. To illustrate, the answer to (1) follows: (1) Assets (Cash) increases by $25,000; Common Stock increases by $25,000. (2)(2)Expenses (cash) Decreases by 400: (3) (5) (6)