Your answer is partially correct. Selected transactions for M. Acosta, an interior decorator, in her first month of business, are as follows. Jan. 2 Invested $10,000 cash in business. 3 Purchased used car for $3,000 cash for use in business. 9 Purchased supplies on account for $600. 11 Billed customers $2,400 for services performed. 16 Paid $350 cash for advertising 20 Received $900 cash from customers billed on January 11. 23 Paid creditor $300 cash on balance owed. 28 Withdrew $1,000 cash for personal use by owner. For each transaction, indicate the following January 2 transaction is given as an example. (a) The basic type of account debited and credited (asset, liability, owner's 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. (a) (b) (c) Nor Transaction Basic Type Specific Account Effect Bali Jan. 21 Asset Cash Increase Debit 3 Asset 9 Asset Suelles Exper 11 Asset 16 Owner's Equity 20 Asset 23 Liability 28 Owner's Equity eTextbook and Media 3 Assistance Used Question 7 of 10 (e) Effect Increase < > Normal Balance Debit ! ! ! ! ! ! ! (a) Basic Type Owner's Equity Owner's Capital | | | | | | | (b) Specific Account 0.43/4 Incre (a) Basic Type 's Equity Owner's Capital (b) Specific Account (c) Effect Normal Balance Increase Credit Assistance Used