Identify the effects of the following transactions in the table below: Balance Sheet Income Statement Cash Transaction + Asset Noncash Assets Contrib. Earned Net Liabilities + + - Revenues Expenses = Capital Capital 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 account (4) Record $700 for the cost of inventory sold in (3) above (5) Collected $1,000 cash from transaction (3) above