7. Which of the following accounts has a normal credit balance and would appear in the income statement? (There is only 1 correct answer.) Utilities Expense, Accounts Payable, Cash, Service Revenue, Deferred Revenue 8. West Seattle Catering has the following transactions during the month of October: October 1 Issued common stock in exchange for $5,000 cash. October 8 Purchase $650 supplies on account. October 10 Paid \$4,000 in advance for a 2-year insurance policy October 18 Provide services of $3,000 to customers and receive cash. October 19 Pay employee salaries for the current month of $900. October 20 Provide services of $600 to customers on account. October 31 Pay rent for the current month of $2,000. October 31 Pay for the supplies purchased on October 8. In the space below, record the journal entry the company would make for each transaction