Determining the Financial Statement Effects of Accounts Payable Transactions Hobson Company had the following transactions relating to its accounts payable. a. Purchases $1,260 of inventory on credit. b. Sells inventory for $1,650 on credit. c. Records $1,260 cost of sales for transaction b. d. Receives $1,650 cash toward accounts receivable. e. Pays $1,260 cash to settle accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions