EXERCISE 3.7 Effects of 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. oh Transactions on the Indicate the effects of each transaction upon the elements of the income statement and the bal- ance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transac- tion 1 is provided as an example. a. Income Statement Balance Sheet Transaction Revenue -Expenses-Net Income Assets Liabilities+Owners' Equity NE NE b. Write a one sentence description of each transaction