Question 1 Using the notations increase, decrease and nil, what is the effect on assets, liabilities and shareholders' equity on each of the following transactions? Assets Liabilities Shareholders' Equity 1. Contribute cash to the company in return for shares 2. Borrow money from the bank 3. Receive payment from a debtor (accounts receivable) 4. Purchase inventory on credit 5. Purchase inventory for cash 6. Pay accounts payable 7. Receive interest that was due from the previous accounting period 8. Purchase furniture and fittings on credit 9. An owner's contribution of his motor vehicle to the company in return for additional shares