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On 5/1/2015 Puma Inc. sold 20 boxes of shoes to Joes Sports Shop on account for a total of $1,000. The credit terms on the

On 5/1/2015 Puma Inc. sold 20 boxes of shoes to Joes Sports Shop on account for a total of $1,000. The credit terms on the sale were 2/10, n/30. Puma recognized the revenue on the date of sale (5/1) using the Gross Method to account for cash discounts on credit sales. On 5/5/2015 Joes Sports Shop paid the discounted amount to Puma for the shoes. What effect did the 5/5/2015 transaction have on the asset section of Pumas balance sheet? Clearly indicate how total assets were affected by the 5/5/2015 transaction by indicating the direction and amount that total assets changed. Note: if the 5/5/2015 transaction decreased total assets please use a negative number.

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