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Question(s) / Instruction(s):

ACCT2020 Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows.

 1.           Issued stock to investors for $16,442 in cash.

 2.           Purchased used car for $9,796 cash for use in business.

 3.           Purchased supplies on account for $344.

 4.           Billed customers $4,004 for services performed.

 5.           Paid $269 cash for advertising start of the business.

 6.           Received $1,792 cash from customers billed in transaction (4).

 7.           Paid creditor $365 cash on account.

 8.           Paid dividends of $489 cash to stockholders.

Required:

1.            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.

2.            Journalize the Transactions.

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