Resources: Financial Accounting: Tools for Business Decision Making Write a minimum 150-word response to each of the following scenarios from Exercise E3-1 in Financial Accounting (p. 132) describing the effect of each transaction on assets, liabilities, and stockholder's equity: • Selected transactions for Thyme Advertising Company, Inc. o Issued common stock to investors in exchange for cash received from investors. o Paid monthly rent. o Received cash from customers when service was performed. o Billed customers for services performed. o Paid dividend to stockholders. o Incurred advertising expense on account. o Received cash from customers billed in (4). o Purchased additional equipment for cash. o Purchased equipment on account. Use the Excel® spreadsheet to record your answers and submit with your responses. E 3-1 Transactions made by Mickelson Co. for the month of March are shown below. Prepare a tabular analysis that shows the effects of these transactions on the expanded accounting equation, similar to that shown in Illustration 3-3 (page 99). 1. The company performed $20,000 of services for customers on account. 2. The company received $20,000 in cash from customers who had been billed for services [in transaction (1)]. 3. The company received a bill for $1,800 of advertising but will not pay it until a later date. 4. Mickelson Co. paid a cash dividend of $3,000. Identify normal balances.