upd nail YouTube Maps SID Question 3 - Exa... Reading Lis nt 5 (Ch 10 & 11) i Saved Help Save & Exit *Submit Bryanger Company sells a wide range of inventories that are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions were selected from those occurring during the year: a. On January 10, purchased merchandise on credit for $26,500; company uses a perpetual inventory system b. On March 1, borrowed $57,000 cash from City Bank and signed a promissory note with a face amount of 57,000, due at the end of six months, accruing interest at an annual rate of 7.5 percent, payable at maturity Required: 1. For each of the transactions, indicate the effects (accounts and amounts) on the accounting equation. (Enter any decreases to accounts with a minus sign.) Date Assets Liabilities + Shareholders' Equity Jan. 10 Inventory 26,500 Accounts payabiu 26,500 March 1 Cash 57,000 Note payable 57,000 Note payable 57,000