Purchase-Related Transactions Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. If no account or activity is affected, select "No effect from the dropdown list and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10, n/30. Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No Effect + Inventor Accounts Payable No Effect 400,000 X 400,000 X Statement of Cash Flows Income Statement No effect Net income X 400,000X