QUESTION $1$

Morris Lest, Inc., obtained a bid of $$3,000$ from a supplier for equipment. Show the effect of this transaction on total Assets, Liabilities and$/$or Shareholders' Equity and the account titles. If no effect, select $"$ $$0$ No Effect".

Assets

Liabilities

A$.$ $$3,000$ Equipment

Shareholders' Equity

B$.$ $$(3,000)$ Cash

C$.$ $$3,000$ Sales Revenue; $$(300)$ Cost of Goods Sold

D$.$ $$0$ No Effect

E$.$ $$(3,000)$ Equipment Expense

QUESTION $2$