Question: 7 . Selected transactions for Bookit Pty Ltd , a bookkeeping service in its first month of business, are as follows: Issued shares to investors
Selected transactions for Bookit Pty Ltd a bookkeeping service in its first month of business, are as follows:
Issued shares to investors for $ in cash.
Purchased a used photocopier for $ on account for use in business.
Purchased supplies on account for $
Invoiced customers $ for services performed.
Paid $ cash for marketing start of business.
Received $ cash from customers invoiced in transaction
Paid creditor $ cash on account.
Paid rent for the month, $ cash.
Required
For each transaction, indicate a the basic type of account debited and credited asset liability, equityb 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 following format, in which transaction is given as an example:
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