Selected transactions for Sheffield, an interior decorator corporation, in its first month of business are as follows.

Selected transactions for Sheffield, an interior decorator corporation, in its first month of business, are as follows. 1. 2 3. 4. Issued stack 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 at the 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. 5 6. 7 8 For cach 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 No. Basic Type Specific Account Effect Normal Balance Basic Type 1. Asset Cash Increase Debit Stockholders' Equity 2 A > 4, 3 5. C 6. 7. Account Debited No. Basic Type Specific Account Normal Balance Basic Type Effect 1. Asset Stockholders' Equity Cash Increase Debit 2. >