Question 2 10 Points Identify for each of the following transactions whether assets, equity and liabilities would increase, decrease or would not change overall. You need to type into each box either increase, decrease or no change. (You should not start these words with capital letters). (a) Issue shares for 40,000 cash. Assets Blank 1 Equity Blank 2 Liabilities Blank 3 (b) Purchase inventories costing 14,000 on credit. Assets Blank 4 Equity Blank 5 Liabilities Blank 6 (c) Receive a loan of 15,000 in cash. Assets Blank 7 Equity Blank 8 Liabilities Blank 9 (d) Sell inventory costing 4,000 to a customer on credit for 5,000. Assets Blank 10 Equity Blank 11 Liabilities Blank 12 (e) Receive 5,000 cash from the credit customer in respect of the amount owed. Assets Blank 13 Equity Blank 14 Liabilities Blank 15 Question 3 10 Points Identify whether each of the following items should be classified as a non-current asset, current asset, equity. non-current liability or current liability in the statement of financial position. Enter 1 for a non-current asset, 2 for a current asset, 3 for equity, 4 for a non-current liability and 5 for a current liability. Enter the appropriate number into each box. (a) 5-year bank loan for a current liability (b) Inventories for a current asset (c) Trade payable Blank 3 (d) Share capital Blank 4 (e) A building for a current asset Blank 1 for a current liability Blank 2 for a current asset Blank 3 Add your answer Blank 4 Add your answer Blank 5 for a current asset Question 4 3 Points York Ltd issues shares for 100,000 cash. Which accounting concept will apply? (A) Prudence B Accruals Money measurement D) Business entity