Exercise 11-37 (Algorithmic) Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $615,000. The cost of the merchandise sold was $417,500. b. Collected accounts receivable in the amount of $551,000. c. Purchased goods on credit in the amount of $445,150. d. Paid accounts payable in the amount of $403,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash. a. Made credit sales of $615,000. The cost of the merchandise sold was $417,500. b. Collected accounts receivable in the amount of $551,000. c. Purchased goods on credit in the amount of $445,150. d. Paid accounts payable in the amount of $403,200