Upton Corporation has the following transactions during August of the current year. Indicate

(a) the basic analysis and

(b) the debit–credit analysis illustrated on pages 121–126.

Aug. 1 Issues shares of common stock to investors in exchange for $10,000.

4 Pays insurance in advance for 3 months, $1,500.

16 Receives $900 from clients for services rendered.

27 Pays the secretary $620 salary.

AppendixLO1