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Determining the Financial Statement Effects of Accounts Payable Transactions Hobson Company had the following transactions relating to its accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions. a. Purchases $2,772 of inventory on credit. b. Sells inventory for $3,630 on credit. c. Records $2,772 cost of sales for transaction b. d. Receives $3,630 cash toward accounts receivable. e. Pays $2,772 cash to settle accounts payable. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. M7-21.Rand.G Question Not complete Contrib. Capital Marked out of 15.00 Flag question Transaction Cash Asset Earned Capital Revenues Income Statement Expenses Net Income 2772 Noncash Assets 2772 Balance Sheet Liabilities 2772 Inventory b. Sales d. Check