Nexto Corporation sells $1,100 of merchandise to a customer on account on October 5th. The merchandise cost Nexto Corporation $500 when it was purchased. What journal entry does the company need to make on October 5th? Dr Cr Dr Cr What effect does this transaction have on the accounting equation? Assets Liabilities Equity B- On October 27th, the customer made a cash payment for the balanced owed. What journal entry should the company make to record this transaction on October 27th? Cr What effect does this transaction have on the accounting equation? Assets Liabilities + Equity