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K L M N o = Net Income 0 A B D E F G H 1 Record the effect of each of the following transactions using the financial statement effect template provided. 2 Input Cell 3 4 Balance Sheet 5 Transaction Cash Asset + Noncash Assets Liabilities + Contrib. Capital + Earned Capital 6 1. Purchase $2,000 of inventory on credit. 0 2,000 2,000 0 0 7 GL Account N/A Inventory Accounts Payable N/A 8 2. Sell inventory for $3,000 on credit. 0 3,000 0 0 3,000 9 GL Account N/A Accounts Receivable N/A N/A 10 3. Record $2,000 cost of goods sold in 2. 0 (2,000) 0 0 0 (2,000) 11 GL account N/A Inventory N/A N/A 12 4. Collect $3,000 cash from transaction 2. 3,000 (3,000) 0 0 0 13 GL account Accounts Receivable N/A N/A 14 5. Pay wages of $1,000 in cash. (1,000) 0 1,000 0 (1,000) 15 GL account N/A N/A Wages Payable N/A 16 TOTALS 2,000 0 3,000 0 0 3,000 --- + Revenues 0 N/A 3,000 N/A 0 N/A 0 N/A 0 N/A 3,000 Income Statement Expenses 0 N/A 0 0 N/A 2,000 Cost of Goods Sold 0 N/A 1,000 Wages expenses 3,000 (2,000) ---- + + 0 Cash ----------- + + (1,000) + + + = 0