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

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Exercise 3-7

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

1.

 

Issued stock to investors for $16,300 in cash.

2.

 

Purchased used car for $10,400 cash for use in business.

3.

 

Purchased supplies on account for $310.

4.

 

Billed customers $5,620 for services performed.

5.

 

Paid $300 cash for advertising start of the business.

6.

 

Received $1,460 cash from customers billed in transaction (4).

7.

 

Paid creditor $330 cash on account.

8.

 

Paid dividends of $320 cash to stockholders.

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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.

  

Account Debited

 

Account Credited

No.

 

Basic Type

 

Specific Account

 

Effect

 

Normal Balance

 

Basic Type

 

Specific Account

 

Effect

 

Normal Balance

1.

 

Asset

 

Cash

 

Increase

 

Debit

 

Stockholders’ Equity

 

Common Stock

 

Increase

 

Credit

                 

2.

 

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3.

 

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4.

 

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5.

 

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6.

 

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7.

 

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8.

 

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Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.)

No.

Account Titles and Explanation

Debit

Credit

1.

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2.

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3.

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4.

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5.

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6.

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7.

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8.

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