impact on income decreases to income July 1) Purchased merchandise from Garcia Company for $9,000 under credit terms of 1/15, 1/30, FOB shipping point, No impact on income invoice dated July 1. July 2) Sold merchandise to Thompson Co. for $2,400 under credit terms of 2/10, n/60, FOB shipping point, invoice dated increases net income July 2. July 2) The cost of the merchandise sold to Thompson Co. was $1,440. July 3) Paid $725 cash for freight charges on the purchase of Decreases net income July 1. July 8) Sold merchandise for $4,700 cash. Increases net income July 8) The cost of the merchandise sold was $2,800. July 9) Purchased merchandise from Perry Co. for $3,700 under credit terms of 2/15, 1/60, FOB destination, invoice dated July 9. July 11) Received a $700 credit memorandum from Perry Co. for the return of part of the merchandise purchased on July 9. July 12) Received the balance due from Thompson Co. for the invoice dated July 2, net of the discount. July 16) Paid the balance due to Garcia Company within the discount period. July 19) Sold merchandise to Brown Co. for $4,200 under credit terms of 2/15, 1/60, FOB shipping point, invoice dated July 19. July 19) The cost of the merchandise sold to Brown Co. was $800. July 21) Issued a $800 credit memorandum to Brown Co. for an allowance on goods sold on July 19. July 24) Paid Perry Co, the balance due, net of discount. July 30) Received the balance due from Brown Co. for the invoice dated July 19, net of discount. July 31) Sold merchandise to Thompson Co. for $10,000 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 31