Selected transactions for Sheffield, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $17,000 in cash.
2. Purchased used car for $10,000 cash for use in business.
3. Purchased supplies on account for $340.
4. Billed customers $4,620 for services performed.
. Paid $140 cash for advertising at the start of the business.
6. Received $1,460 cash from customers billed in transaction (4).
7. Paid creditor $370 cash on account.
8. Paid dividends of $450 cash to stockholders.

For each transaction indicate the basic type of account debited and credited (asset, liability, stockholdersâ 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.