The following list of items relate to the business of Jay Street Wear:
1. Cash paid into the business by Jay to begin operations
2. Racks purchased to display merchandise to customers
3. Building leased for 2 years, with rent payable monthly in advance
4. Streetwear items purchased from a manufacturer
5. Amount owing to the manufacturer for merchandise purchased
6. Insurance premium on the merchandise paid in advance
7. Cash withdrawn by Jay for personal use
8. Wages paid to casual employee
9. Amount borrowed long-term from the bank
10. Cash sales of merchandise to customers
11. Spare change kept in the cash register at the checkout counter.

Required
A. Identify the elements of the financial statements (asset, liability, income, expense and equity) impacted by each of the transactions.
B. List the cash flow classification (operating, investing or financing) and direction (inflow or outflow) for each transaction.