Analyzing Transactions Using the Financial Statement Effects Template Following are selected transactions of Mogg Company. Record the effects of each...

Analyzing Transactions Using the Financial Statement Effects Template 

Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template.

1. Shareholders contribute $20,000 cash to the business in exchange for common stock.
2. Employees earn $1,000 in wages that have not been paid at period-end. 
3. Inventory of $6,000 is purchased on credit. 
4. The inventory purchased in transaction 3 is sold for $9,000 on credit. 
5. The company collected the $9,000 owed to it per transaction 4. 
6. Equipment is purchased for $10,000 cash.
7. Depreciation of $2,000 is recorded on the equipment from transaction 6.
8. The Supplies account had a $3,800 balance at the beginning of this period; a physical count at period-end shows that $1,600 of supplies are still available. No supplies were purchased during this period.
9. The company paid $20,000 cash toward the principal on a note payable; also, $1,000 cash is paid to cover this note's interest expense for the period.
10. The company receives $16,000 cash in advance for services to be delivered next period.

Use negative signs with your answers, when appropriate.

Hint: For transaction 4, enter the net effect for balance sheet answers.