12 The transactions listed below are typical of those involving Southern Sporting Goods (SSG) and Sports R Us (SRU). SSG is a wholesale merchandiser and SRU is a retail merchandiser. Assume all sales of merchandise from SSG to SRU are made with terms 1/30, and the two companies use perpetual inventory systems. Assume the following transactions between the two companies occurred in the order listed during the year ended December 31 Part 1 of 2 2. SSG sold merchandise to SRU at a selling price of $140,000. The merchandise had cost SSG $100,000. b. Two days later, SRU complained to SSG that some of the merchandise differed from what SRU had ordered. SSG agreed to give an allowance of $4,500 to SRU. SRU also returned some sporting goods, which had cost SSG $13,500 and had been sold to SRU for $18,000 c. Just three days later SRU pald SSG, which settled all amounts owed. 8 points BOOK PB6-2 (Algo) Part 1 Prim References Required: 1. For each of the events (w/ through (c, indicate the amount and direction of the effect on SSG in terms of the following items. (Enter any decreases to account balances with a minus sign.) Transaction Sales Revenues Sales Returns Sales Allowances Net Sales Cost of Goods Sold Gross Profit a b C