Transaction Analysis Polly's Cards \& Gifts Shop had the following transactions during the year: Required: 1. Identify and analyze the effect of transactions a-g. a. Polly's purchased inventory on account from a supplier for $7,980. Assume that Polly's uses a periodic inventory system. with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. d. Polly's paid the balance due on the purchase of inventory. e. On June 1, Polly signed a one-year, $16,100 note to First State Bank and received $14,812. with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. nearest cent. Use full months instead of days when calculating interest expense. b. On May 1 , land was purchased for $40,000. A 20% down payment was made, and an 18 -month, 6% note was signed for the remainder. e. On June 1, Polly signed a one-year, $16,100 note to First State Bank and received $14,812. with a minus sign. Remember: if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. How does this entry affect the accounting equation? 3. What is the total of the current liabilities at the end of the year? Do not round intermediate calculations. Round your final answer to the nearest cent