For the following 5 transactions select whether each of the accounting elements will be increased (inc), decreased (dec) or not be impacted (nc). At this stage Owners Equity will only be impacted when the owners contribute or withdraw capital. Ensure that the accounting equation remains in balance. Transaction Assets Liabilities Owners Equity Revenue Expense Provided service on credit Take out loan to purchase motor vehicle Pay rent Owner put money into the business Receive payment for service provided in previous month Select the normal balance for each accounting element: Element Assets Liabilities Owners Equity Revenue Expense Normal Balance Now select the the accounts that will be debited and credited: Transaction Dr Account Cr Account Provided service on credit Take out loan to purchase motor vehicle Pay rent Owner put money into the business Receive payment for service provided in previous month