A number of transactions of Claypool Construction are described below in terms of accounts...

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 Payable.

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 your answer in tabular form using the column headings shown below. The answer for transaction 1 is provided as an example.

b. Write a one-sentence description of each transaction.