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IDIC Question 5 Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows. 1. 2. 3. 4. 5. 6. 7. 8. Issued stock to investors for $17,000 in cash. Purchased used car for $10,000 cash for use in business. Purchased supplies on account for $340. Billed customers $4,620 for services performed. Paid $140 cash for advertising start of the business. Received $1,460 cash from customers billed in transaction (4). Paid creditor $370 cash on account. 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. No. Basic Type Asset Account Debited Specific Account Effect Cash Increase Normal Balance Debit Basic Type Stockholders' Equity Account Credited Specific Account Effect Common Stock Increase Normal Balance Credit 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. mi mi Click if you would like to Show Work for this question: Open Show Work