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Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory
Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October1Soldmerchandisefor$2,800,withcreditterms/30,invoicedatedOctober1.Thecostofthemerchandiseis$1,550.October6ThecustomerintheOctober1salereturned$280ofmerchandiseforfullcredit.Themerchandise,whichhadcost$155,isreturnedtoinventory.October9Soldmerchandisefor$1,350cash.Costofthemerchandiseis$970.October30ReceivedpaymentfortheamountduefromtheOctober1salelessthereturnonOctober6. October 1 Sold merchandise for $2,800, with credit terms n/30, invoice dated October 1 . The cost of the merchandise is $1,550. October 6 The customer in the October 1 sale returned $280 of merchandise for full credit. The merchandise, which had cost $155, is returned to inventory October 9 Sold merchandise for $1,350 cash. Cost of the merchandise is $70. October 30 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 incon -specifically, identify the accounts and amounts (including + or - ) for each transaction. \begin{tabular}{|c|c|c|c|} \hline \multicolumn{2}{|c|}{ October 9} & \multicolumn{2}{|c|}{ October 30} \\ \hline IncreaseorDecrease & Amount & IncreaseorDecrease & Amount \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular}
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