KAM Computer Timeshare Company entered into the following transactions durinig May 2014
Decribe the effects of each transaction on assets, liabilities, and owner's equity.
1. Purchased computer terminals for $20,000 from Digital Equipment on account
2. Paid $4,000 cash for May rent on storage space
3. Recieved $17,000 cash from customers for contracts billed in April
4. Performed computer services to Viking Construction Company for $3,000
5. Paid Tri-States Power Co. $11,000 cash for energy usage in May
6. Kam invested in an additional $29,000 in the business
7. Paid Digital Equipment for the terminal purchase in (1) above
8. Incurred advertising expense for May of $1,200 on account.