For each transaction, indicate the impact each item had on income and the dollar amount of the change in income, if any. Input decreases to net income as minus sign. Upon completion, compare the gross profit with the amount reported on the partial income statement.

	Impact on income	Increase (decrease) to income
July 1) Purchased merchandise from Lee Company for $9,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1.
July 2) Sold merchandise to Brown Company for $2,600 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2.
July 2) The cost of the merchandise sold to Brown Company was $1,560.
July 3) Paid $805 cash for freight charges on the purchase of July 1.
July 8) Sold merchandise for $5,100 cash.
July 8) The cost of the merchandise sold was $3,100.
July 9) Purchased merchandise from Carter Company for $3,900 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9.
July 11) Received a $800 credit memorandum from Carter Company for the return of part of the merchandise purchased on July 9.
July 12) Received the balance due from Brown Company for the invoice dated July 2, net of the discount.
July 16) Paid the balance due to Lee Company within the discount period.
July 19) Sold merchandise to Clark Company for $4,600 under credit terms of 2/15, n/60, FOB shipping point, invoice dated July 19.
July 19) The cost of the merchandise sold to Clark Company was $3,200.
July 21) Issued a $900 credit memorandum to Clark Company for an allowance on goods sold on July 19.
July 24) Paid Carter Company the balance due, net of discount.
July 30) Received the balance due from Clark Company for the invoice dated July 19, net of discount.
July 31) Sold merchandise to Brown Company for $10,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31.
July 31) The cost of the merchandise sold to Brown Company was $6,200.
Total gross profit		$0