Identify the effects of the following transactions in the table below:     Balance Sheet Income Statement Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital Revenues - Expenses = Net Income (1) $600 of employee wages are earned but not yet paid       =                 =   (2) $3,000 of inventory is purchased on credit       =                 =   (3) Sold goods for $1,500 on account       =                 =   (4) Record $700 for the cost of inventory sold in (3) above       =                 =   (5) Collected $1,000 cash from transaction (3) above

Question

 Identify the effects of the following transactions in the table below:
 

  Balance Sheet Income Statement
Transaction Cash Asset + Noncash Assets = Liabilities + Contrib. Capital + Earned Capital Revenues - Expenses = Net Income
(1) $600 of employee wages are earned but not yet paid       =                 =  
(2) $3,000 of inventory is purchased on credit       =                 =  
(3) Sold goods for $1,500 on account       =                 =  
(4) Record $700 for the cost of inventory sold in (3) above       =                 =  
(5) Collected $1,000 cash from transaction (3) above       =                 =  

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