Ten transactions are listed below.

REQUIRED:For each one, indicate what specific accounts are affected as well as the direction (increase or decrease) of the effect. Also indicate whether the transaction would increase or decrease both net income (revenues minus expenses) on the income statement and net cash flow from operations (operating cash inflows minus operating cash outflows) on the statement of cash flows. Use the following key: increase (+), decrease (???), and no effect (NE). The first on has been completed foryou.

Net Operating Csh Flow Net Direction Income Transaction Accounts 1. Issued ownership securities for cash. Cash Contributed Capital NE NE 2. Purchased iventory on account. 3. Sold a service on account. 4. Received cash payments from customers on previously recorded sales. 5. Purchased equipment for cash. 6. Paid cash to reduce the wages payable account. 7. Sold a service for cash. 8. Paid off a long-term loan. 9. Made a cash interest payment. 10. Sold land for an amount greater than its cost.