2 pert M5-5 (Algo) Determining Financial Statement Effects of Sales and Cost of Goods Sold and Issuance of Stock LO5-3 Using the following categories, indicate the effects of the following transactions. Use positive value for increase, negative value for decrease and indicate the accounts affected. a. Sales on account were $880 and related cost of goods sold was $490. b. Issued 3,000 shares of $1 par value stock for $60,000 cash. 400 Event b Assets Liabilities Stockholders' Equity CAIL Check my