A number of transactions of Claypool Construction are described below in terms of accounts debited and credited: 1. Debit Wages Expense; credit Wages Payable. 2. Debit Accounts Receivable; credit...

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Extracted text: A number of transactions of Claypool Construction are described below in terms of accounts debited and credited: 1. Debit Wages Expense; credit Wages Payable. 2. Debit Accounts Receivable; credit Construction Revenue. 3. Debit Dividends; credit Cash. 4. Debit Office Supplies; credit Accounts Payablę. 5. Debit Repairs Expense; credit Cash. 6. Debit Cash; credit Accounts Receivable. 7. Debit Tools and Equipment; credit Cash and Notes Payable. 8. Debit Accounts Payable; credit Cash. a. Indicate the effects of each transaction upon the elements of the income statement and the balance sheet. Use the code letters I for increase, D for decrease, and NE for no effect. Organize Income Statement Balance Sheet Transaction Revenue - Expenses - Net Income Assets - Liabilities + Owners' Equity NE NE D your answer in tabular form using the column headings shown below. The answer for transaction 1 is provided as an example.