Baris Company had no inventory at the beginning of 2023. Baris bought two identical electric bicycles on credit with terms 3/10, n/30 for $2,400 on January 1, 2023. On January 6, Baris paid for both bicycles. On January 20, Baris sold one bicycle to E. Burke for $1,700 on credit, with terms 2/10, n/30. Burke paid for the bicycle on January 28. Required: Provide the balances that would appear in each of the following accounts related to the transactions described above as of January 31, 2023:

Account Balance as of Jan. 31, 2023

Accounts payable

Accounts receivable

Cost of goods sold

Sales revenue

Sales discounts

Inventory

How much net cash did Baris pay or receive as a result of the transactions described above? In other words, by how much did cash change as a result of the transactions? What would be the change in current assets as a result of these transactions? What would be the change in current liabilities as a result of these transactions? What would be the following reported amounts as a result these transactions: Net sales Gross profit (aka Gross margin) Hint: it might be helpful to write down journal entries for the transactions and post them to T-accounts. This might help you sort out the effects on each general ledger account and help you answer the questions.