P3-3B (LO 2) Pet Salon Ltd. incurred the following selected transactions during the month of March: Mar. 1 Paid monthly rent, $1,000. 3 Performed pet grooming services for $740 on account. 5 Received $60 cash for teeth cleaning services performed on a customer's dog. 8 Purchased additional grooming equipment for $700. The company paid cash of $70 and the balance was financed by a short term bank loan. 12 Received $250 in payment from one of the customers for whom pet grooming services were performed on March 3. 15 Paid salaries to employees of $525. 16 Purchased $72 of supplies on account. 20 Paid $229 to repair grooming equipment. 22 Earned $2,000 on account for performing grooming services. 26 Paid balance owing for purchase of grooming equipment on March 8. 28 Received $500 from a customer in advance to provide pet grooming services at a dog show to be held next month. 31 Declared and paid $150 of dividends to shareholders. Instructions a. For each transaction, indicate (1) the basic type of account debited or credited (asset, liability, shareholders' equity); (2) the speci account debited or credited; and (3) whether the specific account is increased or decreased to record this transaction. Use the following format, in which the first one has been done for you as an example: Account Debited Account Credited (1) (2) (3) (1) (2) (3) Transaction Basic Type Specific Account Effect Basic Type Specific Account Effect Shareholders' equity Rent Expense Increase Assets Cash Decrease Mar. 1 b. Identify the normal balances for each of the accounts identified in part (a)