Sales Promotions

At the bottom of all its February sales receipts, Seifert Stores Inc. printed $2-off coupons. The coupons may be redeemed March 1April 30. The liability for the $2-off coupons is recorded at the end of February in part (c). Seifert Stores Inc. accepts only cash, MasterCard, or VISA. During February, Seifert Stores completed the following selected transactions:

Date	Transaction
February 6	Sold merchandise to Marci Andrews with a list price of $225 that cost Seifert Stores Inc. $100. Marci presented a $4-off coupon, which she clipped out of the local newspaper. Marci used her VISA card for the purchase.
February 18	Sold merchandise to Chris Johnson with a list price of $75 that cost Seifert Stores $36. The bottom of Chris Johnsons cash receipt includes the $2-off coupon. Chris paid cash for his purchase.

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

a. Illustrate the effects of the February 6 sale to Marci Andrews on the accounts and financial statements of Seifert Stores Inc.

Financial Statement Effects b. Illustrate the effects of the February 18 sale to Chris Johnson on the accounts and financial statements of Seifert Stores Inc. Financial Statement Effects Financial Statement Effects