E10-11 Here is a list of transactions: 1. Purchased inventory (perpetual system) on account. 2. Extended the payment terms of the account payable in item 1 above by issuing a 6-month, 5% note payable. 3. Recorded accrued interest on the note payable from item 2 above. 4. Recorded cash sales of $74,100, plus HST of 14%. 5. Recorded wage expense of $35,000. Paid employees $25,000; the difference was for various payroll deductions withheld. 6. Recorded employer's share of employee benefits. 7. Accrued property taxes payable when bill received. 8. Disclosed a contingent liability on a lawsuit whose likely outcome the company cannot determine. 9. Recorded the estimated liability for product rebates outstanding. 10. Paid product rebate claims that were accrued in item 9 above. Instructions Set up a table using the format shown below. Indicate the effect ("+" for increase, "-" for decrease, and "NE" for no effect) of each of the above transactions on the financial statement categories indi- cated. The first one has been done for you as an example. Assets Liabilities Owner's Equity Revenues Expenses Net Income NE 1. + + NE NE NE