In addition, write the journal entrie(s) for each transaction. Hint: there are two journal entries for transaction (a).

M5-4 Determining the Effects of Transactions on Balance Sheet and Income Statement Categories L05-3 Complete the following tabulation, indicating the sign of the effect (+ for increase, for decrease, and NE for no effect) of each transaction. Consider each item independently. a. Recorded sales on account of $300 and related cost of goods sold of $200. b. Recorded advertising expense of $ 10 incurred but not paid for. Transaction Current Assets Gross Profit Current Liabilities a. b