the answers already on chegg are wrong..

Purchase-Related Transactions n Co., a women's clothing store, purchased S 120,000 or merchandise rrom a supplier on account, terms FOB destination, 2/10, 30. Milan Co. retu med S16,000 or the merchandise, receiving a credit memo and and then paid the amount due within the discount period. Illustrate the effects on the accounts and financial statements of Milan Co. to record the following transactions. If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases and cash outflows as negative amounts a. The purchase Balance Sheet Statement of Income Assets Liabilities + Stockholders' Equity Cash Flows Statement No Effect InventoryAccounts Payable+ No Effect Statement of Cash Flows Income Statement 104,000X b. The merchandise return Balance Sheet Statement of Income Assets Liabilities +Stockholders' Equity Cash Flows No EffectInventoryAccounts Payable+ No Effect 0 -16,000X Statement of Cash Flows Income Statement