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please answer each one clearly Required information The following information applies to the questions displayed below.) The following are the sales transactions of EcoMart Merchandising,
please answer each one clearly
Required information The following information applies to the questions displayed below.) The following are the sales transactions of EcoMart Merchandising, EcoMort uses a perpetual inventory system and the gross method Oet. 1 Sold merchandise for $2,700, with credit tera n/30, Lnvoice dated October 1. The cost of the herchandise la $1,500. the customer in the October 1 sale returned $270 of merchandise for tull credit. The nerehandise, which had cost $150, is returned to inventory. Sold merchandise for $1,300 cash cost of the merchandise 1 5930. 38 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Oct. 1 Increase/Decrease Octo Increase/Decrease Oct 9 Increase/Decrease Oct 30 Increase/Decrease Amount Amount Amount Sales grosa) Sales discounts Sales retums and allowances Net sales Cost of goods sold Gross profit Oct. 6 Increase/Decrease Oct. 9 Increase/Decrease Amount Amount Oct. 30 Increase/Decrease Amount Step by Step Solution
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