Petroni Company had the following transactions relating to its accounts payable.

a. Purchases \(\$ 420\) of inventory on credit.

b. Sells inventory for \(\$ 550\) on credit.

c. Records \(\$ 420\) cost of sales for transaction \(b\).

d. Receives \(\$ 550\) cash toward accounts receivable.

e. Pays \(\$ 420\) cash to settle accounts payable.

Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions.