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The Cougar Creamery enters into the following transactions during the month of June: Purchase...

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Accounting

The Cougar Creamery enters into the following transactions during the month of June:

  1. Purchase inventory on account for $225,000
  2. Pay $56,000 in salaries to employees for work performed during the monthly
  3. Sell merchandise that cost $152,000 to customers on account for $280,000
  4. Collect $260,000 in cash from customers on account; and
  5. Pay for inventory previously purchased on account for $205,000.

Analyze each transaction and show the effects of each on the accounting equation.

Note: Amounts to be deducted should be indicated by a minus sign.

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