help

The following selected transactions were completed by Epic Co. during August of the current year: Illustrate the effects of each of the transactions on the accounts and nancial statements of Epic Co. Identify each transaction by date. If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement effects that reduce net income as negative amounts. Aug. 3. Purchased merchandise on account for $33,400, terms FOB destination, 2/10, n/30. \"null\" Aug. 9. Issued debit memorandum for $2,500 ($2,450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. Balance Sheet Statement of Income Assets = Liabilities Stockholders' + Cash Flows Equity Statement No Effect V + Inventory v Accounts Payable + No Effect v Aug. 9. 0 -2,450 -2,450 V 0 Statement of Cash Flows Income Statement No effect v 0 No effect v 0Aug. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/eom. Paid $600 cash to the freight company for delivery of the merchandise. Balance Sheet Statement of Liabilities Stockholders' Income Assets + Cash Flows Equity Statement Cash V + Inventory v = Accounts Payable v + No Effect v Aug. 10. -600 25,600 25,000 0 Statement of Cash Flows Income Statement Operating V -600 No effect v 0Aug. 13. Paid for invoice of August 3, less debit memorandum of August 9. Balance Sheet Statement of Assets Liabilities Stockholders' Income + Cash Flows Equity Statement Cash v + No Effect v = Accounts Payable V + No Effect V Aug. 13. 0 0 Statement of Cash Flows Income Statement Operating v No effect v 0Aug 31. Paid for invoice of August 10. Balance Sheet Statement of Assets Liabilities Stockholders' Income + Cash Flows Equity Statement Cash V + No Effect v = Accounts Payable v + No Effect V Aug. 31. X 0 X 0 Statement of Cash Flows Income Statement Operating V No effect v 0