Week #1 Accounting Exercises 00 8 5.33 oints Required: Saved Help Save & Exit Submit Check my work Below are the external transactions for Shockers Incorporated. Analyze each transaction. Under each category in the accounting equation, indicate whether the transaction increases, decreases, or has no effect. The first item is provided as an example. Assets Liabilities Stockholders' Equity eBook Ask 1. Issue common stock in exchange for cash. 2. Purchase equipment by signing a note payable. 3. Provide services to customers on account 4. Pay rent for the current month Increase No effect +Increase Print References 5. Pay insurance for the current month 6. Collect cash from customers on account