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. Assets Liabilities + Retained Earnings (1) I (1) + (2) + (2) (3) (3) (4) (4) 55 (5) + (5) +