Payless Department Store had the following transactions during the year:
1. Purchased inventory on account.
2. Sold merchandise for cash, assuming a profit on the sale.
3. Borrowed money from a bank.
4. Purchased land, making a cash down payment and issuing a note for the balance.
5. Issued stock for cash.
6. Paid salaries for the year.
7. Paid a vendor for inventory purchased on account.
8. Sold a building for cash and notes receivable at no gain or loss.
9. Paid cash dividends to stockholders.
10. Paid utilities.
Using the following column headings, identify the accounts involved and indicate the net effect of each transaction on the accounting equation: increase (+); decrease (€“); no effect (0). Transaction 1 has been completed as anexample.

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Transaction Assets Liabilities Owners' Equity Inventory) (Accounts Payable)