Question - Pronghorn Corp has the following transactions during August of the current year.
Aug. 1 - Issues shares of common stock to investors in exchange for $10,500.
Aug. 4 - Pays insurance in advance for 3 months, $2,200.
Aug. 16 - Receives $800 from clients for services rendered.
Aug. 27 - Pays the secretary $580 salary.
Required - Indicate the basic analysis and the debit-credit analysis.