1. Illustrate the effects on the accounts and financial statements of recording the following transactions for Snipes Company. Identify each transaction by date. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank.

Instructions: 1. Illustrate the effects on the accounts and financial statements of recording the following transactions for Snipes Company. Identify each transaction by date If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. June 8. Snipes Company sold merchandise on account to Beejoy Company, $18,250, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,000 June 8. Snipes Company paid transportation costs of $400 for delivery of merchandise sold to Beejoy Company on June 8 Balance Sheet Statement of Income Assets -Liabilities Stockholders' Equity Cash Flows Statement Cash v + Accounts Receivable + Inventory No Effect + Retained Earnings June 8. -400 17,885 10,000 7,485 June 8. Statement of Cash Flows Income Statement Sales v 17,885 V 10,000 V -400v -400v Coast of geods sold -10,000 Net income 7,485