Transactions Speedy Delivery Service is owned and operated by Kris Meyers. The following selected transactions were completed by Speedy Delivery during March: Indicate the effect of each transaction on the following accounting equation elements (Assets, Liabilities, Common Stock, Dividends, Revenue, and Expense). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: 1) Asset (Cash) increases by $30,000; Common Stock increases by $30,000. 1. Received cash in exchange for common stock, $30,000. Element Asset Item Direction Cash Increases Common Stock Increases 2. Paid advertising expense, $3,500. 3. Purchased supplies on account, $2,500. 4. Billed customers for delivery services on account, $18,750. 5. Received cash from customers on account, $14,150.