Question: 7 . Selected transactions for Bookit Pty Ltd , a bookkeeping service in its first month of business, are as follows: Issued shares to investors

7. Selected transactions for Bookit Pty Ltd, a bookkeeping service in its first month of business, are as follows:
Issued shares to investors for $20000 in cash.
Purchased a used photocopier for $6000 on account for use in business.
Purchased supplies on account for $6800.
Invoiced customers $3600 for services performed.
Paid $600 cash for marketing start of business.
Received $3000 cash from customers invoiced in transaction (4).
Paid creditor $6800 cash on account.
Paid rent for the month, $1200 cash.
Required
For each transaction, indicate (a) the basic type of account debited and credited (asset, liability, 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 following format, in which transaction (1) is given as an example:

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