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Pls i need the answer to the ones i got wrong c. The payment Balance Sheet Stockholders Statement of Cash Assets Liabilities+ Income Equity Flows
Pls i need the answer to the ones i got wrong
c. The payment Balance Sheet Stockholders Statement of Cash Assets Liabilities+ Income Equity Flows Statement No Effect Accounts No Effect Cash Payable 101,92C 0 -2,080X 0 Statement of Cash Flows Income Statement No effect Operating-101,92v 0 No effect 0 No effect 0 Purchase-Related Transactions Milan Co., a women's clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the following transactions. If no account or activity is affected, select "No effect from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts. a. The purchase Balance Sheet Statement of Cash Assets Income Equity Flows Statement No Effect Inventory No Effect Payable o117 0 Statement of Cash Flows Income Statement No effectO No effect0 No No effect b. The merchandise return Balance Sheet Statement of Cash Assets Income Equity Flows Statement No EffectInventory No Effect Payable 0 0 Statement of Cash Flows Income Statement No effect No effect NoStep by Step Solution
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