Question: Using the transaction information below, answer the questions A. Paid $1,000 cash for employee salaries. B. Purchase inventory for $10,000 cash. C. Collections on customer

cash for employee salaries. B. Purchase inventory for $10,000 cash. C. Collections

Using the transaction information below, answer the questions A. Paid $1,000 cash for employee salaries. B. Purchase inventory for $10,000 cash. C. Collections on customer accounts (for services previously made on account/credit) amounted to $20,000. (hint: the customers are now paying us back) D. Declared and paid $50,000 of cash dividends to their investor, Caroline's Cupcakes Q3: Did Transaction C have any effect on the Income Statement? Explain your D *

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