ES Brief Exercise 3-8 Monty Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $12,700. Aug. 4 Pays insurance in advance for 3 months, $1,700 Aug, 16 Receives $1,000 from clients for services rendered. Aug, 27 Pays the secretary $620 salary. Indicate the basic analysis and the debit-credit analysis. Basic Analysis Aug. 1 The asset IS the stockholders' equity account is Aug, 4 The asset IS the asset RCES Aug. 1 The asset- Debits Debit the stockholders' equity account Credits Credit Aug. 4 The asset Debits Debit the asset Credits Credit A a Aug The asset Debits Debit the revenue Credits Kimmel, Financial Accounting, 8e Help I Syst Debit the asset IS Credits Credit Debits The asset 16 Debit the revenue Credits Credit Aug The e Debits 27 The expense Debit the asset Credits Credit Brief Exercise 3-8 Monty Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $12,700. Aug. 4 Pays insurance in advance for 3 months, $1,700. Aug. 16 Receives $1,000 from clients for services rendered. Aug. 27 Pays the secretary $620 salary. Indicate the basic analysis and the debit-credit analysis. Basic Analysis Aug. 1 The asset is the stockh IS Salaries and Wages Expense Common Stock Prepaid Insurance Cash Aug. 4 The asset Service Revenue Is the asset IS comm102_docum...pdf during August of the current year investors in exchange for $12,700. onths, $1,700. ervices rendered. edit analysis. IS Debits Debit IS Increased Decreased Credits Credit is Debits Debit IS : Credits Credit Kimmel, Financial Accounting, Be Hele I Brief Exercise 3-8 Monty Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $12,700. Aug. 4 Pays insurance in advance for 3 months, $1,700. Aug. 16 Receives $1,000 from clients for services rendered. Aug. 27 Pays the secretary $620 salary Indicate the basic analysis and the debit-credit analysis Aug. 1 The asset Debits Debit the stockholders' equity account IS Increase Assets Credits Decrease Revenues Credit Decrease Stockholders' Equity Increase Expenses Aug. 4 The asset is Debits Increase Revenues Debit the asset Increase Stockholders' Equity Decrease Assets Credits Decrease Expenses Credit