Payless department store had the following transaction duringthe year
1.purchased inventory on account.
2. sold merchandis for cash, assuming a profit on thesale.
3. borrowed money from a bank
4. purchased land, making cash down payment and issuing a notefor balance.
5. issued stock for cash
6. paid salaries for the year
7. paid a vendor for the inventory purchased on account.
8. sold a building for cash and notes receivable at no gain orloss
9. paid cash dividends to stockholders
10. paid utilites using the folloing column headings, identify the accounts involved and indicate the net effect of each transaction of on the accounting equations (+increase, - decrease,0 no effect) transaction 1 has been completed as an example.