Analyze transactions a-g, following the example below.

a. Harry Boka established Whiskers Barber Shop, Inc., by incorporating and investing

$1,200 in exchange for 120 shares of $10 par value common stock.

b. Paid two months' rent in advance, $840.

c. Purchased supplies on credit, $60.

d. Received cash for barbering services, $300.

e. Paid for supplies purchased in c.

f Paid utility bill, $36.

g. Declared and paid a dividend of $50.

Example:

a. The asset Cash was increased. Increases in assets are recorded by debits. Debit Cash $1,200. A component of stockholders' equity, Common Stock, was increased.
Increases in stockholders' equity are recorded by credits. Credit Common Stock $1,200.