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. select the effect on an account item 2. paid monthly rent. select the effect on an account item 3. received cash from customers when service was performed. select the effect on an account item 4. billed customers for services performed. select the effect on an account item 5. paid dividend to stockholders. select the effect on an account item 6. incurred advertising expense on account. select the effect on an account item 7. received cash from customers billed in (4). select the effect on an account item 8. purchased additional equipment for cash. select the effect on an account item 9. purchased equipment on account.