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 $10,000 cash to the business in exchange for common stock 2. Employees earn $500 in wages that have not been paid at period end. 3. Inventory of $3,000 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $4.500 on credit. 5. The company collected the $4.500 owed to it per transaction 4 6. Equipment is purchased for $5,000 cash. 7. Depreciation of $1.000 is recorded on the equipment from transaction 8. The Supplies account had a $3,800 balance at the beginning of this period, a physical count at period end show that 5800 of supplies are still available. No supplies were purchased during this period 9. The company paid $12,000 con toward the principal on a note payable: 50, 5500 cash is paid to cover this notes interest expense for the period. 10. The company receives $8.000 cash in advance for services to be delivered next period, Use negative signs with your answers when appropriate Hint: For transaction 4. enter the net effect amount for balance sheet answers, Jse negative signs with your answers, when appropriate. Hint: For transaction 4, enter the net effect amount for balance sheet answers. Balance Sheet Income Statement Cash Asset Noncash Assets + Liabilities + Contributed Capital Transaction 1 Earned Capital + Revenue Expenses - Net Income - Nlm & in onco ale 1 Check Previous Save Answers