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 3 4 5. Paid $180 cash for advertising at the start of the business Received $1,850 cash from customers billed in transaction (4) 6. 7 Paid creditor $430 cash on account. 8. Paid dividends of $530 cash to stockholders. Account Debited Effect Normal Balance Basic Type Basic Type Specific Account Increase Debit Stockholders' Equit Asset Cash Debit > Asset Increase Asset Equipment Debit Liability Increase Asset Supplies v Increase Debit Stockholders'Equit Asset Accounts Receivable Debit V Asset Increase Stockholders' Equity Advertising Expense Increase Debit Asset 6 Asset Cash Credit Asset 7 Liability Decrease Accounts Payable Increase Debit Asset 8 8 Dividends Stockholders Equity e Textbook and Media o Account Credited Basic Type Specific Account Effect Normal Balance Stockholders' Equity Common Stock Increase Credit Asset Supplies Decrease Debit Liability Increase Credit 1 Stockholders' Equity Increase Credit NINO Sit Asset Decrease Debit ebit Asset Decrease Debit Credit Asset Decrease Debit Debit Asset Decrease Debit and Media