Keystone Computer Timeshare Company entered into the following transactions during May 2022. Describe the effect of each transaction on assets, liabilities, and stockholders' equity. 1. Purchased computers for $20,000 from Data Equipment on account. select an effect 2. Paid $3,000 cash for May rent on storage space. select an effect 3. Received $15,000 cash from customers for contracts billed in April. select an effect 4. Performed computer services for Ryan Construction Company for $2,700 cash. select an effect 5. Paid Midland Power Co. $11,000 cash for energy usage in May. select an effect 6. Stockholders invested an additional $32,000 in the business. select an effect 7. Paid Data Equipment for the computers purchased in (1) above. select an effect 8. Incurred advertising expense for May of $840 on account.