Required: Identify and analyze all transactions on the books of Lenox Corp. from May 15, 2017, to January 31, 2018. Do not round intermediate calculations. If required, round your final answer to the nearest dollar. How does this entry affect the accounting equation? How does this entry affect the accounting equation? The effect of the transaction to collect cash and receive a promissory note on December 1. Activity Accounts Statement(s) How does this entry affect the accounting equation? The effect of the adjustment on December 31 . Activity Accounts Statement(s) a. Baxter was required to do this to avoid bankruptcy. b. Baxter would want to reestablish their good credit standing with supplier in order to purchase products in the future. c. Baxter's owner could not bear the guilt of nonpayment. The effect of the sale transaction on May 15 . Activity Accounts Statement(s) Account Receivable - M. Baxter Increase, Sah Revenue Increase Account Receivable - M. Baxter Increase, Sales Revenue Decrease Account Receivable - M. Baxcer Decrease, Sales Revenue Increase How does this entry affect the accounting ecAccount Receivable - M. Baxter Decrease, Sales Revenue Decrease The effect of the sale transaction on May 15. Activity Accounts Statement (s) Balance Sheet only How does this entry affect the accounting eI Income Statement only If a financial gtatement item is not affected, Balance Sheet and Income Statement