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+ Chapter 3 HW > -12 E Question 3 of 5 View Policies Current Attempt in Progress Selected transactions for Blue, an interior decorator corporation, in les first month of business, are as follows. 1 issued stock to investors for $ 15,700 in cash. Purchased used car for $10.800 cash for use in business. Purchased supplies on account for $370 4 Billed customers 55.150 for services performed, 5 Paid $ 270 cash for advertising at the start of the business Received $ 1.230 cash from customers billed in transaction (4) Paid creditors 250 cash on account B Paid dividends of $ 370 cash to stockholders 2 3. 6. 7 (a) For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders equity: the specific account debited and credited (Cast Rent Expense Service Revenue, etc.); whether the specific account is increased or decreased and the normal balance of the specific account Account Credited Effect Normal Balance Basic Type Specific Account Effect Normal Balance Increase Debit Stoc CIORCES COMMONS Increase Credit 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. 5. 7