[a] explain the impact of each transaction on the elements of the basic accounting equation and translate that into debit and credit terms

[b] Journalize the transactions listed below. Include a brief explanation with each journal.

7. The shop repaired a boat for Zonie for $3,600. Phillip collected $1,000 in cash and out the rest on Zonie's account.

8. The shop collected cash of $400 from Zonie

10. The board of directors of the corporation declared and paid a dividend of $400 in cash to its stockholders

Thank you.