Q. 3) The following list of items relate to the business of Nehela Shoes: (5 Marks) 1. Cash as well as the private Car brough into the business by Nehela to begin operations 2. Fixtures purchased to display shoes to customers 3. Appointed new merchandising manager for the new outlet in Gulshan 3. building leased for 5 years, with rent payable monthly in advance 4. streetwear items purchased on credit from a manufacturer 5. wages paid to casual employee 6. insurance premium on the merchandise paid in advance 7. cash withdrawn by Nehela for her personal use 8. stores was closed 7 days for COVID 19 9. amount borrowed for long-term from the bank 10. received an order for 100 pairs of kids shoes from Al-Hidaya School Required: Identify the elements of the financial statements (asset, liability, income, expense and equity) impacted by each of the transactions. Explain whether the items will increase or decrease due to the above events.