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JS Financial Accounting, Seventh Canadian Edition by Kimmel, Weygandt, Kieso, Trenholm, Irvine, and Burnley Help System Announcements PRINTER VERSION BACK NEXT Brief Exercise 3-4 Riko Ltd. has the following selected transactions: 1. Issued common shares to shareholders in exchange for $5,000. 2. Paid rent in advance for two months, $2,100. 3. Paid administrative assistant $500 salary. 4. Billed clients $1,200 for services provided. 5. Received $900 in partial payment from clients for services provided in item 4 above. 6. Purchased $500 of supplies on account. 7. Pald supplier amount owing on account, $500. 8. Borrowed $1,000 cash from the bank to purchase equipment. For each transaction, indicate (a) the basic type of account debited and credited (asset, liability, shareholders' equity); (b) the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); and (c) whether the specific account is increased or decreased to record this transaction. Use the following format. For each transaction, indicate (a) the basic type of account debited and credited (asset, liability, shareholders' equity); (b) the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); and (c) whether the specific account is increased or decreased to record this transaction. Use the following format. Account Debited Account Credited (c) (b) (c) Specific Specific Transaction Basic Type Account Effect Account Effect 1. Basic Type 2. 3 4. v 5. > 6.