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Cycletime, a bike shop, opened for business on April 1. It uses a periodic inventory system. The following transactions occurred during the first month of business: Required: decreasing the corresponding financial statement item. 1. Identify and analyze each of the following transactions of Cycletime. April 1: Purchased five units from Fairall Corp. for $400 total, with terms 3/10,n/30, FOB destination. How does this entry affect the accounting equation? Mpll tui ralu iul wle mpll + pulcildse. Activity Accounts Statement(s) How does this entry affect the accounting equation? How does this entry affect the accounting equation? April 18: Purchased ten units from Pummill, Inc. for $900 total, with terms 3/10, n/30, FOB destination. How does this entry affect the accounting equation? Hrws thas this patru affert the arrountinn pnuation? How does this entry affect the accounting equation? 5 4. Cash outflow during the first month of business is much larger than expenses as shown on the income statement due to