Exercise 3-07 Selected transactions for Bridgeport, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $13,000 in cash. 2. Purchased used car for $10,300 cash for use in business. 3. Purchased supplies on account for $340. 4. Billed customers $4,150 for services performed. 5. Paid $190 cash for advertising at the start of the business, 6. Received $1,210 cash from customers billed in transaction (4). 7. Paid creditor $300 cash on account. 8. Paid dividends of $390 cash to stockholders. For each transaction indicate the basic type of account debited and credited (asset, Bablity, stockholders equity): the specific account debited and credited (Cash, Rent Expenst Service Revenue, etc.); whether the specific account is increased or decreased, and the normal balance of the specific account Account Debited Account Credited No Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance 1. Asset Cash Increase Debit Stockholders Equity Common Stock Increase Credit 2 3 5 0 2