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 inc nc. nc . inc nc Take out loan to purchase motor vehicle inc inc no no no dec & no no Pay rent no inc Owner put money into the business inc nc inc nc nc , Receive payment for service provided in previous month nc 4 nc nc . nc nc Select the normal balance for each accounting element: Element Assets Normal Balance Dr Liabilities Cr 4 Owners Equity Cr. Revenue Cr Expense Dr. Now select the the accounts that will be debited and credited: Transaction Dr Account Cr Account Provided service on credit Accounts Receivable 4 Revenue Take out loan to purchase motor vehicle Motor Vehicle Bank Loan Pay rent Rent Expense Rent Expense Owner put money into the business Cash at Bank Capital Introduced Receive payment for service provided in previous month Cash at Bank Accounts Receivable, Check