Q1 Company A begins its financial year January 1" and ends the year December 31". Please indicate the net effect of the following transactions on the year-end financial statements (increase, decrease, no change) for Company A. Only consider the impact of the immediate transaction - DO NOT consider future use of the item. For example, Company A buys inventory on credit (i.e., debits inventory and credits accounts payable). Consider just the impact of the purchase, not the impact of the potential future sale. Net Effects on Assets Increase Net Effects on Liabilities Increase Net Effects on Equity No change Net Effects on Revenues No change Net Effects on Expenses No change A) On December 27th a customer gives a $10,000 deposit for inventory to be delivered on January 2nd. The customer agrees to pay $7,000 more when the inventory is delivered. Company A already has all the inventory made and even puts it into boxes by December 31st. Net Effects on Net Effects on Net Effects on Net Effects on Net Effects on Assets Liabilities Equity Revenues Expenses B) The company pays its main office cleaning staff on the 1st and 3rd Friday of every month. On December 31" the workers had worked five days that were not yet paid (they would get paid on January 2nd). Net Effects on Assets Net Effects on Liabilities Net Effects on Equity Net Effects on Revenues Net Effects on Expenses