Selected transactions for L. Takemoto, an interior decorating firm, in its first month of business, are as follows. Jan. 2 3 3 9 11 Stockholders invested $15,000 cash in the business in exchange for common stock. Purchased used car for $8,200 cash for use in the business. Purchased supplies on account for $500. Billed customers $1,800 for services performed. Paid $200 cash for advertising. Received $780 cash from customers billed on January 11 Paid creditor $300 cash on balance owed. Declared and paid a $500 cash dividend. 16 20 23 28 For cach transaction indicate the following (a) The basic type of account debited and credited (Asset, Liability, Stockholders' Equity). (b) The specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.). Whether the specific account is increased or decreased. (d) The normal balance of the specific account. Account Debited (a) Basic Type (b) Specific Account (d Nori Bala (c) Effect Transaction Jan. 2 Asset Cash 3 Asset Equipment Asset Supplies 11 Asset Accounts Receivable 16 Stodeholders' Equity Advertising Expense 20 Asset Cash ACCOUNT CTEUNTEU (d) Normal Balance (a) Basic Type (b) Specific Account (c) Effed ULT I . Account Credited (b) Specific Account (c) Effect (d) Normal Balance