Selected transactions for Warner Advertising Company, Inc., are listed here.

E3-1Selected transactions for Warner Advertising Company, Inc., are listed here.

Describe the effect of each transaction on assets, liabilities, and stockholders’ equity.

1. Issued common stock to investors in exchange for cash received from investors.

2. Paid monthly rent.

3. Received cash from customers when service was performed.

4. Billed customers for services performed.

5. Paid dividend to stockholders.

6. Incurred advertising expense on account.

7. Received cash from customers billed in (4).

8. Purchased additional equipment for cash.

9. Purchased equipment on account.

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