Exercise 3-6 Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows 1. Issued stock to investors for $14,460 in cash 2. Purchased used car for $10,150 cash for use in business. 3. Purchased supplies on account for $340. 4. Billed customers $4,750 for services performed. 5. Paid $170 cash for advertising start of the business. 6. Received $1,690 cash from customers billed in transaction (4) 7. Paid creditor $260 cash on account. 8. Paid dividends of $540 cash to stockholders. 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. Account Debited Account Credited No. Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance Cash Stockholders' Equity Common Stock Debit Increase Credit 1. Asset Increase a a a