The following are six journal entries Advanced Auto, Inc., made during the month of May.

May 1 Issued common stock in exchange for $10,000 cash.

3 Purchased supplies for $150, paid cash.

6 Paid $3,800 cash to purchase a new piece of equipment.

11 Paid advertising expense, $480.

18 Borrowed $6,000 on a note payable from the bank.

27 Paid monthly telephone bill, $145.

Requirement

For each transaction shown, determine the accounts affected, the type of account, whether the account increases or decreases, and whether it would be recorded in the journal on the debit or credit side. The first transaction has been analyzed for you

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Increase/Decrease Dr. or Cr. Increase Increase Transaction Date Accounts Affected Cash Common Stock Type Asset Stockholders' Equity Dr. May 1 Cr.