Sales-Related Transactions The selected transactions below were completed by Affordable Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Instructions: Illustrate the effects on the accounts and financial statements of recording the following transactions of Affordable Supplies Co. 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. Jan. 6. Sold merchandise on account, $14,000, terms FOB shipping point, n/eam. The cost of merchandise sold was $0,400. Statement of Cash Flows Jan, 6 Accounts Receivable 14,000 Statement of Cash Flows Assets Balance Sheet Liabilities Stockholders' Equity Income Statement 1 Inventory No Effect Retained Earnings Jan. 6 Income Statement