You have worked with XYZ Contractors as the marketing manager for a number of years. Each of your salespeople must submit a monthly report detailing money they spent while conducting business on behalf of XYZ Contractors. Each item on the monthly report must be coded as to the effect on assets, liabilities, and equity. As marketing manager, one of your duties is to review the monthly reports. One salesperson's report for September shows the following:

Required
Using the elements of critical thinking described on the inside front cover, respond.

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Effect on Effect on Description of Transaction Amount of Transaction Liabilities No effect Increased accounts Effect on Equity Date Aug. 28Sold 80 units of product to a $150,000 Sept. 10Purchased new desk for office $1,500 Sept. 2-30 Took clients for lunch and$680 Oct.S Assets Increased cash No effect Decreased cash Decreased cash Increased revenue customer for cash Increased office expense Increased owner investments to be paid in October payable paid cash Paid for September cell phone usage 130