Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as

Question:

Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows.1. Issued stock to investors for $15,000 in cash.2. Purchased used car for $10,000 cash for use in business.3. Purchased supplies on account for $300.4. Billed customers $3,700 for services performed.5. Paid $200 cash for advertising start of the business.6. Received $1,100 cash from customers billed in transaction (4).7. Paid creditor $300 cash on account.8. Paid dividends of $400 cash to stockholders.Instructions(a) For each transaction indicate (a) the basic type of account debited and credited (asset, liability, stockholders?? equity); (b) The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); (c) Whether the specific account is increased or decreased; and (d) The normal balance of the specific account. Use the format shown on page 142, in which transaction 1 is given as an example.