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Basic Type Stockholders' Equity Asset Liability Stockholders' Equity Normal Balance Debit Credit Debit For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the specific Selected transactions for Monty, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $15,700 in cash. 2. Purchased used car for $10,300 cash for use in business. 3. Purchased supplies on account for $320. 4. Billed customers $5,290 for services performed. 5. Paid $190 cash for advertising at the start of the business. 6. Received $1,290 cash from customers billed in transaction (4). 7. Paid creditor $170 cash on account. 8. Paid dividends of $410 cash to stockholders. For each transaction indicate the basic type of account debited and credited (asset, liability, stockholders' equity); the specific account debited and credited (Cash, Rent Expense, Service Revenue, etc.); whether the specific account is increased or decreased; and the normal balance of the specific account. Account Credited Specific Account Common Stock Normal Effect Increase Balance Credit