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2 2 of 2 03:42:02) Skipped Required information [The following information applies to the questions displayed below.]} The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $1,900, with credit terms n/30, invoici dated October 1. The cost of the merchandise is $1,100. October 6 The customer in the October 1 sale returned $190 of merchandise for full credit. The merchandise, which had cost $110, is returned to inventory. October 9 Sold merchandise for $900 cash. Cost of the merchandise is $610. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. October 9 Income Statement Components October 1 Increase/Decrease October 6 Increase/Decrease Amount Amount Increase/Decrease Sales (gross) Sales discounts S 12 of 24 Amount 6:22 AM 12 Part 2 of 2 03:41:57 Skipped Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the Income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. October 1 October 9 Income Statement Components. October 6 Increase/Decrease Increase/Decrease Amount Amount Increase/Decrease Amount Sales (gross) Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit transaction by indicating Its effects on the components of the income statement- nts (including + or -) for each transaction. October 1 October 6. October 9 Amount Increase/Decrease Amount Increase/Decrease Decrease October 30 Increase/Decrease Amount