E2-2

E2.2 (LO 1), C Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are as follows. Jan.2391116202328Stockholdersinvested$15,000cashinthebusinessinexchangeforcommonstoPurchasedusedcarfor$8,200cashforuseinthebusiness.Purchasedsuppliesonaccountfor$500.Billedcustomers$1,800forservicesperformed.Paid$200cashforadvertising.Received$780cashfromcustomersbilledonJanuary11.Paidcreditor$300cashonbalanceowed.Declaredandpaida$500cashdividend. Instructions For each transaction indicate the following. 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. d. The normal balance of the specific account