ment 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. 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. y (a) Your answer is correct. For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the spec Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific acce Account Debited Specific Account Effect Cash Increase No. Basic Type 1. Asset Normal Balance Debit Basic Type Stockholders' Equity Cou GE Asset Debit Equipmen Increase 2 CALCULATOR PRINTER VERSION HACK For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equitythe 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 Balan 1. Asset Cash Increase Debit Stockholders' Equity Common Stock Increase Credit 2. Asset Equipment Increase Debit Asset Cash 3. Asset Decrease Supplies Debit Increase Debit Liability Accounts Payable 4. Asset Increase Accounts Receivable Credit Increase Debit Stockholders' Equity Service Revenue Increase 5. Stockholders' Equity Credit Advertising Expense Increase Debit Asset Cash Decrease 6. Debit Asset Cash Increase Debit Asset Accounts Receivable Decrease Debit 7. Liability Accounts Payable Decrease Credit Asset Cash Decrease Debit 8. Stockholders' Equity Dividends Increase Debit Asset Cash Decrease Debit Click if you would like to show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS arch @ e a 333 PM 9/5/2020 CALCULATOR PRINTER VERSION & RACK (b) Journalize the transactions. (if no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit 1. 2. 3. 4. 5. 6. 333 W5/2C 0 search * e a 2. 3. 4. 5. I 6. 7 8. Click if you would like to Show Work for this question: Open Show Work e a search