21 (LO 1) James Mayaguez has just rented space in a strip mall. In this space, he will open a photography studio, to be called "Picture This!" A friend has advised James to set up a double-entry set of accounting records in which to record all of his business transactions. Identify the balance sheet accounts that James will likely need to record the transactions needed open his business (a corporation). Indicate whether the normal balance of each account is a debit or credit 2.2 (LO 2) James Mayaguez engaged in the following activities in establishing his photogra- phy studio, Picture This!: 1. Opened a bank account in the name of Picture This! and deposited $8,000 of his own money into this account in exchange for common stock. 2. Purchased photography supplies at a total cost of $1,600. The business paid $300 in cash and the balance is on account. 3. Obtained estimates on the cost of photography equipment from three different manufacturers. Prepare the journal entries to record the transactions. You may omit explanations