2. Illustrate the effects of each of the transactions on the accounts and financial statements of Beejoy Company. 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. Snipes Company paid transportation costs of $400 for delivery of merchandise sold to Beejoy Company on June 8. Balance Sheet Assets No Effect +Inventory Liabilities Accounts Payable + Stockholders' Equity + No Effect June 8. Statement of Cash Flows No effect Income Statement No effect June 12. Beejoy Company returned merchandise with a selling price of $5,000 ($4,900 net of discount) purchased on June 8 from Snipes Company. The cost of the merchandise returned was $3,000. Balance Sheet Assets Liabilities No Effect + Inventory Accounts Payable + + Stockholders' Equity No Effect June 12. x Statement of Cash Flows No effect Income Statement No effect June 23. Beejoy Company paid Snipes Company for purchase of June 8, less refund on return of June 12. Balance Sheet Assets Liabilities + Stockholders' Equity Carh +No Effect Accounts Payable +Retained Earnings June 23. Statement of Cash Flows Operating Income Statement No effect June 24. Snipes Company sold merchandise on account to Beejoy Company, $15,000, terms FOB shipping point, n/eom. The cost of the merchandise sold was $9,000 Balance Sheet Assets Liabilities No Effect + Inventory Accounts Payable + + Stockholders' Equity No Effect June 24. x Statement of Cash Flows No effect Income Statement No effect v