State for each account whether it is likely to have $($a$)$ debit entries only, $($b$)$ credit entries only, or $($c$)$ both debit and

credit entries when recording business transactions during the month. Also, indicate the normal balance of each account.

Journalize the five transactions for Mirmax Rentals described below.

August $1$ Mirmax purchases two new saws on credit at $$425$ each. The

saws are added to Mirmax's rental inventory. Payment is due

in $30$ days.

$8$ Mirmax accepts advance deposits for tool rentals of $$125$ that

will be applied to the cash rental when the tools are returned.

$15$ Mirmax receives a bill from Macon Utility Company for

$$180.$ Payment is due in $30$ days.

$20$ Customers are charged $$1,250$ by Mirmax for tool

rentals. Payment is due from the customers in $30$ days.

$31$ Mirmax receives $$600$ in payments from the customers that

were billed for rentals on August $20.$