Lxercise 13-16 Presented below is a ist of possible transactions. Analyze the effect of the 18 1. Purchased irwentory for $0,000 on account (assume perpetual systern is used). No net effect No net clect 2. Issued an $eo,000 note payable in payment on account (see item 1 above) No net effect No net effect 3. Recorded accrued interest on the note from item 2 above. No not etect 4. Borrowed $ 100,000 from the bank by signing a 6-month, $112,000, zero interest-bearing note. s. Recognized 4 months interest expense on the note from itom 4 6. Recorded cash sales of $75,260, which indudes 6% tales tie No net efed net eftecd Increase Increase Ne iet effet 2. Recorded wage expense of $35,000. The cash paid was s25,0o, the difference was due to vanious amourts withheld 8.Recorded employer's payroll taxes