Sam Manufacturing, Inc. has the following transaction during a recent period:

-Sold 100 accounting professor action figures at a price of $30 each.

- It cost Sam $20 to manufacture each action figure

Required:

a. Prepare the journal entry (ies) needed to account for this sale.

b. Inidcate the net effect on assets, liabilities, and equity from this transaction. ( make sure that the accounting equations remains in balance )