The following selected transactions were completed by Epic Co. during August of the current

Jan. 16.

Sold merchandise on account, $19,500, terms FOB shipping point, 1/10, n/30. The

year:

Aug. 3. 9.

10.

13. 31.

Purchased merchandise for $33,400, terms FOB destination, 2/10, n/30. Issued debit memorandum for $7,000 of merchandise returned from purchase on August 3. Purchased merchandise, $25,000, terms FOB shipping point, n/eom. Paid freight of $600 on purchase. Paid for invoice of August 3, less debit memorandum of August 9 and discount. Paid for invoice of August 10.

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

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Instructions

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

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