For Each of the Following Transactions,indicate the Impact on the Accounting

question 23

Essay

For each of the following transactions,indicate the impact on the accounting equation as a result of recording the related journal entry.Include an entry in each column for each transactions,whether an increase (+),decrease (-),or no effect (NE).The first transaction is shown as an example.
$\begin{array}{l}\begin{array}{lll} \underline {\text { Transaction: }}\\ \text { Purchase of irventory on credit }\\ \text { Issued a note payable }\\ \text { Repaid a note and interest at maturity }\\ \text { Record accrual of interest expense }\\ \text { Record accrual of wages expense }\\ \text { Collect in advance for sales of gift cards }\\ \text { Record redemption of gift cards }\\ \text { Record warranty expense }\\ \text { Record cost s incured for warranty work }\\\end{array}\begin{array}{cccccc}\underline { \text { Assets }}&-&\underline {\text { Liabilities }}&+&\underline { \text { Equity }}\\+&&+&&\mathrm{NE}\\\\\\\\\\\\\\\\\\\\\end{array}\end{array}$

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Definitions:

Informal Contract

An oral or written contract that is not under a seal or is not a contract of record. Also called simple contract.

Quasi-Contract

An obligation imposed by the law to avoid injustice, even though no true contract exists between the parties.

Duty to Mitigate Damages

The legal principle requiring a party suffering loss as a result of a breach of contract to take reasonable action to minimize the financial harm.

Breach of Contract

A violation of any of the agreed-upon terms and conditions of a legal contract.