p4-1

The fo and B $ 800,000 600,000 50,000 Expenses: Selling expenses ... . Administrative expenses..... Dellvery expense.. Total expenses ........ Other expense: Interest revenue... Gross profit... ms P4-1 Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the rent year: Aug. 3. Purchased merchandise on account for $33,400, terms FOB destination, 2/10 9. Issued debit memorandum for $2,500 ($2,450 net of 2% discount) for merchandis from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, /ec. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9. 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the assounts and statements of Ficco Ide counts and financi S 800,000 600,000 50,000 Selling expenses .......... Administrative expenses..... Delivery expense.. Total expenses .......... Other expense: Interest revenue....... Gross profit.... ems P4-1 Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the com rent year: Aug. 3. Purchased merchandise on account for $33,400, terms FOB destination, 2/10, 1/30 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. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, 1/com Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9. 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date. R. Sales-related transactions