Identify the effects of the following transactions in the table below: Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital Revenues – Expenses = Net Income (1) $600 of employee wages are earned but not yet paid = = (2) $3,000 of inventory is purchased on credit = = (3) Sold goods for $1,500 on account = = (4) Record $700 for the cost of inventory sold in (3) above = = (5) Collected $1,000 cash from transaction (3) above
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