Vernon Company sells a wide range of goods through two retail stores operated in adjoining cities. Vernon purchases most of the goods it sells in its stores on aredit, promising to pay suppliers later. Oocasionallya short-term note payable is used to obtain cash for ourrent use. The following transactions were selected from those oocurring during the fscal year, which ends on December 31 a. Purchased merchandise on credit for $23,500 on January 10 b. Bo ed $70,000 cash on March 1 from City Bank by sig ing an interes -bearing note payable. The note is a e at the end of six months August 31 and has an an al interest rate of 10% payable at maturity. Required: 1. Describe the impact of each transaction on the balance sheet equation. Indicate the effects (e.g, cash + or-)using the format below. You do not need to include amounts, just accounts and the direction in which they are aflected. (If no impact on the accounting equation leave cells blank. Indicate the direction of the effect by selecting+for increase,for decrease from the drop down menu. Assets January 10 March 1 2 What amount of cash is paid on the maturity date of the note? Cash pak