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Determining the Financial Statement Effects of Accounts Payable Transactions Hobson Company had the following transactions relating to its accounts payable. Use the financial statement effects template to identify the effects (both amounts and accounts) for these transactions. a. Purchases $1,260 of inventory on credit. b. Sells inventory for $1,650 on credit. c. Records $1,260 cost of sales for transaction b. d. Receives $1,650 cash toward accounts receivable. e. Pays $1,260 cash to settle accounts payable. Note: For each account category, indicate the appropriate account name. Enter "N/A" for any account category that is not used for a given transaction. Note: Indicate a decrease in an account category by including a negative sign with the amount. Balance Sheet Liabilities Noncash Assets Cash Asset Contrib. Capital Earned Capital Income Statement Expenses Transaction a. Revenues = Net Income 0 0 0 = b. 0 0 = 0 0 0 0 0 = 0 0 0 = 0 0 0 0 0 = 0 d. 0 = 0 0 0 0 - 0 = 0 e. 0 0 = 0 0 0 0 0 = 0 Please answer all parts of the question. not used for a given transaction. Revenues Income Statement Expenses = Net Income 0 - = 0 e 0 1 0 = o 0 - 0 0 . 0 0 Accounts payable Accounts receivable Cash Cost of sales Interest expense Interest revenue Inventory Retained earnings Sales NIA O