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Selected transactions for Swifty, an interior decorator corporation, in its first month of business, are as follows. 1 3. 4 5. 6. 7. 8. (a)
Selected transactions for Swifty, an interior decorator corporation, in its first month of business, are as follows. 1 3. 4 5. 6. 7. 8. (a) Issued stock to investors for $15,800 in cash. Purchased used car for $10,300 cash for use in business. Purchased supplies on account for $320. Billed customers $5,430 for services performed. Paid $200 cash for advertising at the start of the business. Received $1,870 cash from customers billed in transaction (4). 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. 1 2 Paid creditor $190 cash on account. Paid dividends of $300 cash to stockholders. sa 4 5. 6. 7. 8. Asset Basic Type Asset Cash Account Debited Specific Account Effect Increase >
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