Sales and Purchase-Related Transactions for Seller and Buyer The following selected transactions were completed during June between Snipes Company and Beejoy Company: Instructions: 1. Illustrate the effects on the accounts and financial statements of recording the following transactions for Snipes Company. Identify each transaction by date. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. June 8. Snipes Company sold merchandise on account to Beejoy Company, $18,250, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,000. June 8. Snipes Company paid transportation costs of $400 for delivery of merchandise sold to Beejoy Company on June 8. Statement of Cash June 8. Flows Statement of Cash Flows Assets Balance Sheet Liabilities Stockholders' Equity Income Statement June 8. Income Statement