Section 3: The Accounting Cycle 12. During the 4 quarter of 2020, Firm JJ delivered inventory costing $23,000 to a special customer. The delivered inventory was paid for by the customer in the 3'd quarter of 2020 and had a total sales price of $32,000. Prepare a single journal entry to record the customer payment in the 3rd quarter. (2 points) 1 Prepare the journal entries made when the inventory was delivered. (2 points) What is the net effect of the transactions above on Firm JJ's total assets (increase or decrease and how muchy? (1 point) Prepare the journal entries made when the inventory was delivered. (2 points) What is the net effect of the transactions above on Firm JJ's total assets (increase or decrease and how much)? (1 point) What is the net effect of the transactions above on Firm JJ's retained earnings (increase or decrease and how muchy? (1 point)