A list of transactions follows: 1. Purchased inventory (perpetual system) on account. Extended payment terms of...

  

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A list of transactions follows: 1. Purchased inventory (perpetual system) on account. Extended payment terms of the account payable in item 1 by replacing the accounts payable with the issue of a nine- 2. month, 5% note payable. 3. Recorded accrued interest on the note payable from item 2. 4. Recorded repayment of the note and accrued interest from items 2 and 3. 5. Recorded cash received from sale of services, plus HST. 6. Recorded salaries expense and employee payroll deductions, and paid employees. 7. Recorded employer's share of employee benefits. 8. Recorded property tax expense and property tax payable when bill was received. 9. Recorded a receipt of cash for services that will be performed in the future. 10. Recorded the performance of services for item 9. Indicate the effect of each of the above transactions on the financial statement categories in the table: use "Increase", "Decrease", and "No Effect". Shareholders' Assets Liabilities Equity Revenues Expenses Profit 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. > > > > A list of transactions follows: 1. Purchased inventory (perpetual system) on account. Extended payment terms of the account payable in item 1 by replacing the accounts payable with the issue of a nine- 2. month, 5% note payable. 3. Recorded accrued interest on the note payable from item 2. 4. Recorded repayment of the note and accrued interest from items 2 and 3. 5. Recorded cash received from sale of services, plus HST. 6. Recorded salaries expense and employee payroll deductions, and paid employees. 7. Recorded employer's share of employee benefits. 8. Recorded property tax expense and property tax payable when bill was received. 9. Recorded a receipt of cash for services that will be performed in the future. 10. Recorded the performance of services for item 9. Indicate the effect of each of the above transactions on the financial statement categories in the table: use "Increase", "Decrease", and "No Effect". Shareholders' Assets Liabilities Equity Revenues Expenses Profit 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. > > > >

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Serial Assets Liabilities Equity Revenues Expenses Profit 1 Increase Inc... View the full answer