f no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box olank. Enter account decreases, cash outflows, and the income statement effects that reduce gross profit as negative amounts. The following selected transactlons were completed during June between Snipes Company and Beejoy Company: Requirements: 1. Illustrate the effects of each of the transactions on the accounts and financial statements of Snipes 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 the merchandise. Balance Sheet Assets =1 June 8 . Statement of Cash Flows Income Statement Seejoy Company returned merchandise with a selling price of $5,000 ( $4,900 net of discount) purchased on June 8 from Snipes The cost of the merchandise returned was 53,000 . Beejoy Company paid Snipes Company for purchase of June 8 , less refund on return of June 12 . 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. June 30. Beejoy Company paid Snipes Company on account for purchase of June 24. 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 lune 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. June 23. Beejoy Company pald Snipes Company for purchase of June 8 , less refund on return of June 12. 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+StockholdersEquity June 26 . Statement of Cash Flows Income Statement June 30 . Beejoy Company paid Snipes Company on account for purchase of June 24. Balance Sheet Assets = Liabilities June 30. Statement of Cash Flows Income Statement