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) S 240,000 (1) = S 240,000 + (2) $ (59.000) = + $ (59,000) (2) = + (3) S 295,000 = + $ 295,000 x (3) $ (158,000) = + $ (158,000) (4) $ 275,000 = + (4) $ (275,000) = + (5) S (220,000) |= $ (220,000) + = (5) *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted. +