James Mayaguez has just rented space in a strip mall. In this space, he will open a photography studio, to be called “Picture This!” A friend has advised James to set up a double-entry set of accounting records in which to record all of his business transactions.
Identify the balance sheet accounts that James will likely need to record the transactions needed to open his business (a corporation). Indicate whether the normal balance of each account is a debit or credit.