Drum Company, purchases 66 units of inventory on account on March 1 for $6 per unit. What journal entry does the company need to make to record this transaction on March 1? Dr Inventory 396 Cr Accounts Payable 396 What effect does this transaction have on the accounting equation? Assets= Liabilities + Equity IncreaseIncrease No Change On March 9, Drum Company sells 33 of the inventory on account for $22 each. What journal entries should the company make on March 9 to record this transaction? 726 Accounts Receivable Sales Cr Cost of Goods Sold Cr Inventory Dr 726 Dr 726 726 What effect does this transaction have on the accounting equation? AssetsiabitiesEquity Increase No Change Increase