J. A. Norris Corporation has the following transactions during August of the current year. Indicate

(a) the basic analysis and

(b) the debit-credit analysis illustrated on pages 51-54 of the text.

Aug. 1 Opens an office as a financial advisor, investing \(\$ 5,000\) in cash in exchange for common stock.
4 Pays insurance in advance for 6 months, \(\$ 1,800\).
16 Receives \(\$ 900\) from clients for services rendered.
27 Pays secretary \(\$ 500\) salary.