on Bettis's current and quick ratios relative to the industry. Analyzing Transactions Using the Financial Statement Effects Template Record the effect of each of the following independent transactions using the financial statement effects template provided. Confirm that Assets Liabilities + Equity. LO1, 2, 3, 4 E2-47. MBC Income Statement Balance Sheet Earned Capital Net Expenses Income Noncash Assets Contrib. Capital Cash Liabil- Revenues Asset ities Transaction (1) Receive $20,000 cash in exchange for common stock. (2) Purchase $2,000 of inventory on credit. (3) Sell inventory for $3,000 on credit. (4) Record $2,000 for cost of inventory sold in 3. (5) Collect $3,000 cash from transaction 3. (6) Acquire $5,000 of equipment by signing a note. Pay wages of $1,000 in cash. (8) Pay $5,000 on a note payable that came due. Pay $2,000 cash dividend. - Totals II IIIl