Identify and analyze each of the following transactions of Lion Company (All purchases on creditare made with terms of 1/10, 13, and on July 31 Purchased merchandise on credit from Devlin Enterprises for $3,200 the periodistem of inventory Activity Accounts Statement(s) How does this entry affect the accounting equation If a financial statement items not affected, select "No try and leave the amount box blank or entero'. If the effect is negative, use the minus Stockholders + Liabilities Equity July 12: Paid amount owed to Devlin Enterprises Activity Accounts Statement(s) f the effect negative them Remember How does this entry affect the accounting equation? If a financial statement item is not affected, select Entry and leave the amount box blank or enter o a contra account is increased, will have the effect of decreasing the corresponding financial statement item Tree Statement Balance Sheet Stockholders The following are transactions of Lion Company Identify and analyze each of the following transactions of Lion Company. (All purchases on credit are made with terms of 1/10, 130, and Lion uses the periodic system of inventory.) July 31 Purchased merchandise on credit from Devlin Enterprises for $3,200 Adivity Accounts Statement(s) How does this entry affect the accounting equation? If a financial statement item is not affected, select No Entry and leave the amount box blank or enter o f the effect is negative, use the minus sign Balance Sheet Income Statement Stockholders' + Assets Liabilities July 12: Paid amount owed to Devin Enterprises Activity Accounts Statements) How does this entry affect the accounting equation? If a financial statement tem is not affected, select "No Entry and leave the amount box blank or enter "o". If the effect is negative, use the minus sign. Remembe if a contra account is increased, it will have the effect of decreasing the corresponding financial statement item. Balance Sheet Income Statement Stockholders Liabilities Check My Work more Check My Wors e maining Previous Next All work saved Save and Est Submit Assignment for