Sales-Related Transactions, Including the Use of Credit Cards Illustrate the effects on the accounts and financial statements of recording the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. a. Sold merchandise for cash, $70,000. The cost of the goods sold was $35,000. Reflect negative numbers with a minus sign. Balance Sheet Assets = Liabilities + Stockholders' Equity + Statement of Cash Flows Income Statement dropdown b. Sold merchandise on account, $60,300, terms n/30. The cost of the goods sold was $27,135. Reflect negative numbers with a minus sign. Balance Sheet Assets Liabilities + Stockholders' Equity + + Statement of Cash Flows Income Statement c. Sold merchandise to customers who used MasterCard and VISA, $445,000. The cost of the merchandise sold was $200,250. Reflect negative numbers with a minus sign. Balance Sheet Assets Liabilities + Stockholders' Equity + + Statement of Cash Flows Income Statement