The Cougar Creamery enters into the following transactions during the month of June: 1. Purchase inventory on account for $240,000 2. Pay $59,000 in salaries to employees for work performed during the monthly 3. Sell merchandise that cost $158,000 to customers on account for $295,000 4. Collect $275,000 in cash from customers on account; and 5. Pay for inventory previously purchased on account for $220,000. Analyze each transaction and show the effects of each on the accounting equation. Note: Amounts to be deducted should be indicated by a minus sign. Answer is not complete. Assets Liabilities Retained Earnings (1) $ 240,000 (1) = $ 240,000 + (2) $ (59,000) = + $ (59,000) (2) = $ (59,000) + (3) $ 158,000 = $ 295,000 + (3) $ 158,000 = + 295,000 (4) $ 275,000 = + (4) = $ 275,000 + $ 275,000 x (5) $ (220,000) $ (220,000) + (5) $ 220,000 = +