ISES BE2-1 For each of the following accounts indicate the effects of (a) a debit and (b) a credit on the accounts and (c) the normal balance of the account. 1. Accounts Payable 2. Advertising Expense. 3. Service Revenue. 4. Accounts Receivable. 5. Common Stock 6. Dividends. for the month of June are presented below. Identify the accounts to be debited and cred- ited for each transaction. BE2-2 Transactions for the Sheldon Cooper Company, which provides welding services, Sheldon Cooper invests $4,000 cash in exchange for shares of common stock in a small welding business. Purchases equipment on account for $1,200. $800 cash is paid to landlord for June rent. Bills P. Leonard $300 for welding work done on account. June 1 2 3 12 BE2-3 Using the data in BE2-2, journalize the transactions. (You may omit explanations.) BE2-4Evan Saunders, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur BE2-5 Bombeck Inc. has the following transactions during August of the current year Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illus- trated on pages 62-66 of the textbook. Opens an office as a financial advisor, investing $5,000 in cash in exchange for common stock Pays insurance in advance for 6 months, $1,800 cash. Receives $1,900 from clients for services performed. Pays secretary $1,000 salary. Aug. 1 4 16 27