MESSAGE HY INSTRUCTOR FULL SCREEN PRINTER VERSION 4 BACK NE Accounting Cycle Review E 0-6 (Part Level Submission) Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $16,400 in cash. 2. Purchased used car for $10,100 cash for use in business. 3. Purchased supplies on account for $350. 4. Billed customers $3,700 for services performed. 5. Paid $150 cash for advertising start of the business. 6. Received $1,510 cash from customers billed in transaction (4) Paid creditor $390 cash on account Pald dividends of $370 cash to stockholders (a) Your answer is correct. For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account Account Debited Account Credited No. Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance 1. Asset Cash Increase Debit Stockholders' Equity Common Stock Increase Credit 2. Asset Equipment Increase Debit Asset Decrease Debit (b) Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit a indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5