+ Example 1. For the following list of transactions, complete the table using ASPE and indicate (I) Increase, (D) Decrease, or (NE) No Effect. 2. 3. 4. 5. 6. 7. Purchased inventory for $80,000 on account. Issued an $80,000 note payable in payment of an account (see example above). Recorded accrued interest on the note from item 1 above. Borrowed $100,000 from the bank by signing a $104,000, six-month, non-interest bearing note. Recognized four months of interest expense on the note from item 3 above. Recorded cash sales of $81,900, which includes 5% provincial sales tax. Recorded salaries and wages expense of $35,000. The cash paid was $25,000; the difference was due to various amounts withheld. Recorded employer's payroll taxes. I Assets I Liabiliti Shareholders' Equity es NE I Net Income NE