Consider Each of the Following Accounting Events

Consider each of the following accounting events:
1)Debited cash and credited common stock.2)Debited accounts receivable and credited service revenue.3)Debited office supplies and credited accounts payable.4)Debited prepaid rent and credited cash.5)Debited cash and credited accounts receivable.6)Debited accounts payable and credited cash.7)Debited dividends and credited cash.8)Debited rent expense and credited prepaid rent.Required:For each of the events listed above, use the table shown below to:a)Identify the transaction giving rise to that event as asset source (AS), asset use (AU), asset exchange (AX), or claims exchange (CX)transaction.b)Show the effect of each transaction on the components of the accounting equation. Use "+" to signify an increase, "−" to signify a decrease, and "NA" to signify that a given element is not affected by the transaction. If one account increases and another account decreases within the same element, record "+/−" (i.e. an asset exchange transaction). Note that "Not Affected" means that the event does not affect that element of the financial statements.