Exercise 3-07 (Part Level Submission) Selected transactions for Blue, 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 $10,800 cash for use in business. 3. Purchased supplies on account for $370. 4. Billed customers $5,150 for services performed. 5. Paid $270 cash for advertising at the start of the business. 6. Received $1,230 cash from customers billed in transaction (4). 7. Paid creditor $250 cash on account. Paid dividends of $370 cash to stockholders. 8. (a) For each transaction indicate the basic type of account debited and credited (asset ability 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 Debited Account Credited No. Basic Type Specific Account Effect Normal Balance Basic Type Specific Account Effect Normal Balance 1. Cash Increase Debit StockholdersEquity Common Stock Increase Credit 22 3. 4 6 2 Click if you would like to show Work for this question on Work