A number of transactions of Claypool Construction are described below in terms of accounts debited and credited:

1.	Debit Wages Expense; credit Wages Payable.
2.	Debit Accounts Receivable; credit Construction Revenue.
3.	Debit Dividends; credit Cash.
4.	Debit Office Supplies; credit Accounts Payable.
5.	Debit Repairs Expense; credit Cash.
6.	Debit Cash; credit Accounts Receivable.
7.	Debit Tools and Equipment; credit Cash and Notes Payable.
8.	Debit Accounts Payable; credit Cash.

a.	Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Select I for increase, D for decrease, and NE for no effect in the column headings below to show the effects of the above transactions. The answer for transaction 1 is provided as an example.