Purchase-related transactions

The following selected transactions were completed by Epic Co. during August of the current year:

Illustrate the effects of each of the transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.

If no account or activity is affected, select "No effect" from the dropdown list and leave the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement effects that reduce net income as negative amounts.

Aug. 3. Purchased merchandise on account for $33,400, terms FOB destination, 2/10, n/30

Aug. 3. Purchased merchandise on account for $33,400, terms FOB destination, 2/10,n/30. Aug. 13. Paid for invoice of August 3, less debit memorandum of August 9