ugh LO3-6 3.7 nsactions on Ing Equation A number of transactions of Claypool Construction are described below in terms of accounts debited and credited: 1. Debit Wages Expense: credit Wages Payable. 2. Debit Accounts Receivable; credit Construction Revenue. 3. Debit Dividends, credit Cash. 4. Debit Office Supplies: credit Accounts Payable. 5. Debit Repairs Expense; credit Cash. 6. Debit Cash; credit Accounts Receivable. 7. Debit Tools and Equipment; credit Cash and Notes Payable. 8. Debit Accounts Payable; credit Cash. a. Indicate the effects of each transaction upon the elements of the income statement and the bal- ance sheet. Use the code letters 1 for increase, D for decrease, and NE for no effect. Organize your answer in tabular form using the column headings shown below. The answer for transac- tion 1 is provided as an example. Balance Sheet Transaction 1 Income Statement Revenue - Expenses - Net Income NE D Assets Liabilities + Owners' Equity NE D b. Write a one-sentence description of each transaction