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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

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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 of each of the transactions on the accounts and financial statements of Affordable Supplies Co. If no account or activity is affected, select "No effect" from the dropdown list and leaves the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement elfects that reduce gross profit as negative amounts. Jan. 6. Sold merchandise on account, $14,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,400. Jan. 8. Sold merchandise on account, $20,000, terms FOB destination, 1/10,n/30. The cost of merchandise sold was $14,000. Jan. 16. Sold merchandise on account, $19,$00, terms FoB shipping point, n/30. The cost of merchandise sold was $11,700. Jan. 18. Received check for amount due for sale on January 8. n. 26. Recelved check for amount due for sale on January 16 less credit memirandum of January 19. lan. 26. Received check for amount due for sale on January 16 less credit memorandum of January 19. Jan. 31. Recelved check for amount due for sale of January 6 . 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 of each of the transactions on the accounts and financial statements 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 oross profit as negative amounts. Jan, 6. Sold merchandise on account, $14,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,400. Jan. - . .1. morchandisa on account, $20,000, terms FOB destination, 1/10, n/30. The cost of merchandise sold was $14,000. Jan. 18. Received check for amount due for sale on January 8. Jan. 18. Received check for amount due for sale on January 8. n. 19. Issued credit memorandum for $4,500 for merchandise retumed from sale on January 16. The cost of the merchandise returned was $2,700. Jan, 26, feceived check for amount due for sale on January 16 less credit memorandum of January 19 . an. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to customers under shipping terms of FOB destinatiol

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