A B C D E F G H J K L M N 1 Record the effect of each of the following transactions using the financial statement effect template provided. 2 Input Cell 0 3 4 Balance Sheet Income Statement 5 Transaction Cash Asset + Noncash Assets Liabilities + Contrib. Capital + Earned Capital Revenues Expenses Net Income 6 1. Purchase $2,000 of inventory on credit. + 0 0 7 GL Account 8 2. Sell inventory for $3,000 on credit. + + + 0 0 9 GL Account 10 3. Record $2,000 cost of goods sold in 2. 11 GL account 12 4. Collect $3,000 cash from transaction 2. 13 GL account 14 5. Pay wages of $1,000 in cash. 15 GL account 16 TOTALS 0 + 0 = 0 + 0 + 0 + 0 + 0 0 0 0 0 = 0