IPW, Inc. began operations on January 1, 2015. The seven transactions recorded during January by the company accountant are shown in the following T-accounts:

Complete the following table. 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.

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Cash 1010 Equipment 1040 Dividends 3020 3,000 3,000 3,000 (1) 15,000 (2) (5) (6) (7) 8,450|| (2) (7) Bal 1,000 1,000 | 250 Bal 2,300 Accounts Payable 2010 250 (3) Service Revenue 4010 1,000 Bll 4,500 4,500 (5) 600 (4) Bal Bal 350 Accounts Receivable 1020 Common Shares 3010 Operating Expenses 5010–5040 (4) Bal 4,500 4,500 | (1) Bal 15,000 15,000 (6) 2,300 2,300 Bal Supplies 1030 (3) Bal 600 600 Type Normal Balance Transaction Dr. or Cr. Accounts Affected Cash Common Shares Shareholders' Equity (1) Asset Increase Increase Dr. Cг. Dr. Cr.