Identify the effects of the following transactions in the table below Balance Sheet Income Statement Contrib Capital Net Cash Noncash Earned Transaction Liabilities Revenues Expenses = = Asset Capital Assets Income (1) $600 of employee wages are earned but not yet paid (2) $3,000 of inventory is purchased on credit (3) Sold goods for $1,500 on count (4) Record $700 for the cost of inventory sold in (3) above (5) Collected $1,000 cash from transaction (3) above