Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template. 1. Shareholders contribute $15,000 cash to the business in exchange for common stock. 2. Employees earn $750 in wages that have not been paid at period-end. 3. Inventory of $4,500 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $6,750 on credit. 5. The company collected the $6,750 owed to it per transaction 4 . 6. Equipment is purchased for $7,500 cash. 7. Depreciation of $1,500 is recorded on the equipment from transaction 6 . 9. The company paid $15,000 cash toward the principal on a note payable; also, $750 cash is paid to cover this note's interest expense for the period. 10 . The company receives $12,000 cash in advance for services to be delivered next period. Use a negative sign with your answers, when appropriate. Hint: For transaction 4 , enter the net effect amount for balance sheet answers