Question Incomplete answer Marked out of 75.00 Flag question 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 $1,134 of inventory on credit. b. Sells inventory for $1,485 on credit. c. Records $1,134 cost of sales for transaction b. d. Receives $1,485 cash toward accounts receivable. e. Pays $1,134 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. Transaction a. Cash Asset 2 Noncash Assets 0 = Balance Sheet Liabilities Contrib. Capital Earned Capital Revenues Income Statement Expenses 2 2 2 Cost of sales = Inventory Inventory Accounts payable Accounts payable 1,485 - Net Income 0 = 0 b. 0 1,485 0 0 2 0 0 = 0 Sales Cost of sales Accounts payable Accounts payable C. 0 0 = 2 2 0 0 0 = 0 Accounts receivable Interest revenue = Interest revenue = d. Cash e. 0 0 = 0 2 0 0 0 = Inventory Cost of sales 0 0 = 0 0 0 0 0 = 0 Inventory Inventory Accounts receivable