For each of the following transactions, indicate (a) what the immediate effect will be on the basic accounting equation, and (b) what other effects, if any, there will be in the future as a result of the transaction:
a. Sold inventory to customers for cash.
b. Sold inventory to customers on account.
c. Collected cash from customers as payments on their accounts.
d. Purchased inventory on account.
e. Paid suppliers for goods purchased on account.
f. Purchased production equipment for cash.
g. Paid for an insurance policy on an office building.
h. Borrowed money from the bank.
i. Bought a patent, which gives the company the exclusive right to use an improved production process.
j. Provided warranties to customers for free repair or replacement of any defective products that were sold to them. (See transaction "1" in Problem 2-24 for more information about this type of transaction.)