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The Cougar Creamery enters into the following transactions during the month of June:
- Purchase inventory on account for $225,000
- Pay $56,000 in salaries to employees for work performed during the monthly
- Sell merchandise that cost $152,000 to customers on account for $280,000
- Collect $260,000 in cash from customers on account; and
- 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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