Purchase-Related Transactions Milan Co.r a women's clothing store, purchased $120,000 of merchandise from a supplier on account, terms FOB destination, n/30. Milan Co. returned $16,000 of the merchandise, receiving a credit memorandum, and then paid the amount due. 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 b. The merchandise return Financial Statement Effects c. The payment Financial Statement Effects