Analyzing Transactions Using the Financial Statement Effects Template 1. Shareholders contribute $7,500 cash to the business in exchange for 2. Employees earn $375 in wages that have not been paid at period-end. 3. Inventory of $2,250 is purchased on credit. 4. The inventory purchased in transaction 3 is sold for $3,375 on credit. 5. The company collected the $3,375 owed to it per transaction 4 . 6. Equipment is purchased for $3,750 cash. 7. Depreciation of $750 is recorded on the equipment from 6 . were purchased during this period. 9. The company paid $7,500 cash toward the principal on a note payable; also, $375 cash is paid to cover this note's interest expense for the period. 10. The company receives $6,000 cash in advance for services to be delivered next period. Use negative signs with your answers, when appropriate. Hint: For transaction 4, enter net effect amount for balance sheet answers