Sales-Related Transactions The selected transactions below were completed by Affordable Supplies Co., which sells supplies primanly to wholesalers and occasionally to retail customers. Instructions: Dlustrate 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/eom. The cost of merchandise sold was $5,400. Balance Sheet Statement of Income Assets Liabilities Stockholders' Equity Cash Flows Statement Accounts Receivable +Inventory No Effect Retained Earnings Jan-60 14,000 -8,400 V 5,600 Jan Gu Statement of Cash Flows Income Statement No effect Sales 14,000 Cost of goods sold -8,400 Net income 5,600