Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows 1. 2. 3 Issued stock to investors for $16,400 in cash. Purchased used car for $10,100 Cash for use in business, Purchased supplies on account for $350. Billed customers $3,700 for services performed. Paid $150 cash for advertising start of the business, Received $1.510 cash from customers billed in transaction (4) Pald creditor $390 cash on account. Paid dividends of $370 cash to stockholders. 5. 6. 7. 8 (a) 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 Account Credited No. Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance 1. Asset Cash Increase Stockholders' Equity Common Stock Increase Credit Debit 2. 3