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 Stockholders Equity No Effect Income Assets Liabilities Cash Flows Statement No Effect + Inventory Accounts Payable 0 0 Statement of Cash Flows Income Statement No effect No effect No effect No effect