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  3. 2. paid advertising expense. $3,850. 3. purchased

2. Paid advertising expense. $3,850. 3. Purchased supplies on account, $2,100. 4. Billed customers for...

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Accounting

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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) (3) (4)

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