Understanding Accounting Transactions is critical to accounting.In the following questions you will be provided with an accounting transaction. For each transaction, indicate:The Accounts affected andThe amounts $($how much$)$ affected $(+/-)$The$$example$$below is to help you. This is an example only. Do not repeat the example in your assignment.Example$$TransactionStar Corp. bought $$350$ of inventory on account with a supplierExample Transaction Answer:Account Affected$$ Amount Affected $(+/-)$Inventory$(+$$$350)$Accounts Payable$(+$$$350)$Question $1(2$ points$)$ListenIn the following question, you will be provided with an accounting transaction.For the transaction, your answer should include:The$$Accounts$$affected by the transaction, and$(1$ point$)$The $$ amounts $($how much$)$ affected $(+/-)(1$ point$)$Transaction:Star Corp. bought $$350$ of inventory$$on account$$with a supplier