The following selected transactions were completed by Affordable Supplies Co., which sells

supplies primarily to wholesalers and occasionally to retail customers.

Jan. 6. Sold merchandise on account, $14,000, terms FOB shipping point, n/eom. The cost of merchandise sold was $8,400.

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, $19,500, terms FOB shipping point, 1/10, n/30. The cost of merchandise sold was $11,700. 18. Received check for amount due for sale on January 8. 19. Issued credit memorandum for $4,500 for merchandise returned from sale on

January 16. The cost of the merchandise returned was $2,700. 26. Received check for amount due for sale on January 16 less credit memorandum

of January 19 and discount. 31. Paid Cashell Delivery Service $3,000 for merchandise delivered during January to

customers under shipping terms of FOB destination. 31. Received check for amount due for sale of January 6.

Instructions

Illustrate the effects of each of the preceding transactions on the accounts and financial state- ments of Affordable Supplies Co. Identify each transaction by date.