BACKGROUND: Understanding accounting information goes far beyond the ability to compute financial values and record journal entries. It is also essental that preparers and users of financial information understand how transactions affect the elements of the financial statements. REQUIRED: Wilson Lawn \& Garden sels lawn and garden equipment and products, induding 50-pound bags of fertilizer. Use the following information to show how Wilson's June purchases and sales of 50 -pound feriizer bags impacted its statement of cash flows, income statement, and balance sheet during the month. For the balance sheet, ind cate changes to the balance sheet. These amounts will not necessarly equal the June 30 ending balances in the balance sheet accounts. Some lines might not have answers. List account names or transaction descriptions in the first column and amounts in the second column. The company uses a perpetual inventory system. - June Cost of Goods Sold is S11,750 - Ending inventory on June 30 is 57,350 - Wilson purchased $16,100 of inventory on account during the month of June. - There was a \$4,200 beginning balance in the Accounts Payable account on June 1 . - Suppliers were paid \$13,500 during the month of June. - Wilson eamed $15,700 of revenue on sales of the fertizer bags. 55,500 of the revenue related to cash sales and the rest were credit sales. - There was no beginning balance in the Accounts Receivable account