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Please answer all parts accordingly. Thank you Selected transactions for Sheffield, an interior decorator corporation, in its first month of business, are as follows. 1.
Please answer all parts accordingly. Thank you
Selected transactions for Sheffield, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $ 17,000 in cash. Purchased used car for $10,000 cash for use in business. 2. 3. Purchased supplies on account for $ 340. 4. Billed customers $ 4.620 for services performed. Paid $ 140 cash for advertising at the start of the business. 5. Received $ 1,460 cash from customers billed in transaction (4). 7. Paid creditor $ 370 cash on account. 8. Paid dividends of $ 450 cash to stockholders. For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the 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 Basic Type Specific Account Effect Basic Type Normal Balance Debit Cash Increase Stockholders' Equity > > > For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity): the 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 Credited Basic Type Specific Account Effect Normal Balance Debit Normal Balance Stockholders' Equity Common Stock Increase CreditStep by Step Solution
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