6 HW Question 19 (of 22) value 0.50 points E6-18 Determining the Effects of Credit Sales, Sales Discounts, and Sales Returns and All Statement Categories ILO 6-4, LO 6-5 Rockland Shoe Company records Sales Returns and Allowances and Sales Discounts as contra revenues Complete the following table, indicating the amount of each transaction on each item reported in Rocklands income statement prepared for internal use. Be sure to total the effects (Enter any decreases to account balances with a minus sign.) July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the $800 purchase in cash. The goods cost Rockland $460 15 Sold merchandise to Shoe Express at a selling price of $8,000, with terms 3/10, n/30 Rockland's cost was $4,300 20 Collected cash due from Shoe Express 21 Sold merchandise to Fleet Foot Co at a selling price of $3,000, with terms 2/10, n/30. Rockland's cost was $1,700. 23 Fleet Foot Co. retuned $2,000 of shoes and promised to pay for the remaining goods in August. The returned shoes were in perfect condition and had cost Rockland $1,100o Sales Revenues Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold Gross Profit References eBook & Resources Difficulty 2 Medium Leatning Objective: 06-05 Fiepare and analyze a mrchandiser's multistep income statement Worksheet E6-18 Determining the Learning Objective: 06-04 Effects of Credit Sales, Analyze sales transactions