Record the following transactions in the financial statements effects template below: 1 Purchase $30,000 of inventory on credit. 2 Sell all inventory for $56,000 on account. 3 Collect $18,000 cash for accounts receivable. 4 Pay $16,000 cash toward accounts payable. Balance Sheet Noncash Assets (6) Liabilities Transaction Cash Asset (+) (+) Income Statement (-) Expenses Contributed Capital (+) Earned Capital Revenues Net Income 1 (+) =) (+) (+) (-) (=) 2 (+) = +) (+) (-) =) 3 (+) |(=) (+) (+) (-) 4 (+) () (+) (+) (-) (=)