Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows.
1. Issued stock to investors for $14,310 in cash.
2. Purchased used car for $10,330 cash for use in business.
3. Purchased supplies on account for $310.
4. Billed customers $4,880 for services performed.
5. Paid $180 cash for advertising start of the business.
6. Received $1,670 cash from customers billed in transaction (4).
7. Paid creditor $160 cash on account.
8. Paid dividends of $550 cash to stockholders.
For each transaction indicate:
(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.);
(c) whether the specific account is increased or decreased; and
(d) the normal balance of the specific account.