Exercise 3-07 (Part Level Submission) Selected transactions for Concord, an interior decorator corporation, in its first month of business, are as follows. 1. 2 3 4. Issued stock to investors for $15,500 in cash. Purchased used car for $10,200 cash for use in business. Purchased supplies on account for $270. Billed customers $4,400 for services performed. Paid $180 cash for advertising at the start of the business. Received $1,850 cash from customers billed in transaction (4). Paid creditor $430 cash on account. Paid dividends of $530 cash to stockholders. 5. 6. 7. 8. WILL Look ORION Downloadable eTextbook int CALCULATOR PRINTER VERSION ISACK NEXT Your answer is partially correct. Try again. For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account. No. Basic Type Account Debited Specific Account Cash 1. Asset Effect Increase Normal Balance Debit Basic Type Stockholders' Equity Account Credited Specific Account Common Stock Effect Increase Normal Balance Credit 2. Asset Cash Increase Debit Asset Accounts Payable Decrease Debit 3. Asset Cash Increase Debit Liability Equipment Increase Credit S. 6. 7. 8 Click if you would like to Show Work for this question: Open Show Work C ch o a do 10:35 PM 9/4/2020 22