Wood Renew Corp. incurred the following selected transactions during the month of April.

Apr. 2 Paid monthly rent, \(\$ 800\).

3 Completed floor refinishing on account for \(\$ 1,000\).

5 Received \(\$ 1,250\) cash for floor sanding and polishing.

6 Purchased additional refinishing equipment for \(\$ 3,000\). The company paid cash of \(\$ 500\), and the balance was due on account in 20 days.

12 Collected amount owed by customer for April 3 transaction.

15 Declared and paid \(\$ 150\) of dividends to stockholders.

16 Purchased sandpaper for \(\$ 500\) on account. (Hint: Use the Supplies account.)

19 Paid \(\$ 200\) to repair equipment.

Instructions

For each transaction, indicate 

(1) the basic type of account debited or credited (asset, liability, or stockholders' equity), 

(2) the specific account debited or credited, 

(3) whether the specific account is increased or decreased to record this transaction. Use the following format.

Transcribed Image Text:

(1) Transaction Basic Type Apr. 2 Stockholders' equity Account Credited (2) (3) (1) (2) (3) Specific Account Effect Basic Type Specific Account Effect Rent Expense Increase Decrease Asset Account Debited Cash