Purchases and Sales of Merchandise, Cash Flows Two Wheeler, a bike shop, opened for business on April 1. It uses a periodic Inventory system. The following transactions occurred during the first month of business Required: For all accounting equations, if a financial statement item is not affected, select "No Entry" and leave the amount box blank or enter "O". If the effect is negative, use the minus sign. Remember: If a contra account is increased, it will have the effect of decreasing the corresponding financial statement item 1. Identify and analyze each of the following transactions of Two Wheeler. April 1: Purchased five units from Duhan Co. for $400 total, with terms 3/10, 1/30, FOB destination Activity