Chrome File Edit View History Bookmarks Profiles Tab Window Help Inbox (248) - abi x M Gmail M Question 3-Chap x M Question 4 - Chaj x Student Registrat xiConnect - Home × ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... mapter 5 Quiz Saved Use the following information for the Quick Studies below. Help 4 [The following information applies to the questions displayed below.] 58 ts Ask The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $1,800, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,050. October 6 The customer in the October 1 sale returned $180 of merchandise for full credit. The merchandise, which had cost $105, is returned to inventory. October 9 Sold merchandise for $850 cash. Cost of the merchandise is $570. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. QS 5-12 (Algo) Effects of sales transactions on income statement LO P2 Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. October 1 October 6 October 9 Income Statement Components Increase or Decrease Amount Increase or Decrease Amount Sales (gross) (+) increase Sales discounts (-) decrease 1,800 (-) decrease 180 Increase or Decrease 180 (+) increase Amount 1,6 180 Sales returns and allowances Net sales Cost of goods sold Gross profit JUN 10 < Prev 4 of 9 Next > > "180" tv N MacBook Pro A Aa C
Chrome File Edit View History Bookmarks Profiles Tab Window Help Inbox (248) - abi x M Gmail M Question 3-Chap x M Question 4 - Chaj x Student Registrat xiConnect - Home × ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe... mapter 5 Quiz Saved Use the following information for the Quick Studies below. Help 4 [The following information applies to the questions displayed below.] 58 ts Ask The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $1,800, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,050. October 6 The customer in the October 1 sale returned $180 of merchandise for full credit. The merchandise, which had cost $105, is returned to inventory. October 9 Sold merchandise for $850 cash. Cost of the merchandise is $570. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. QS 5-12 (Algo) Effects of sales transactions on income statement LO P2 Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. October 1 October 6 October 9 Income Statement Components Increase or Decrease Amount Increase or Decrease Amount Sales (gross) (+) increase Sales discounts (-) decrease 1,800 (-) decrease 180 Increase or Decrease 180 (+) increase Amount 1,6 180 Sales returns and allowances Net sales Cost of goods sold Gross profit JUN 10 < Prev 4 of 9 Next > > "180" tv N MacBook Pro A Aa C
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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M Question 4 - Chaj x
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mapter 5 Quiz
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Use the following information for the Quick Studies below.
Help
4
[The following information applies to the questions displayed below.]
58
ts
Ask
The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the
gross method.
October 1 Sold merchandise for $1,800, with credit terms n/30, invoice dated October 1. The cost of the
merchandise is $1,050.
October 6 The customer in the October 1 sale returned $180 of merchandise for full credit. The merchandise,
which had cost $105, is returned to inventory.
October 9 Sold merchandise for $850 cash. Cost of the merchandise is $570.
October 30 Received payment for the amount due from the October 1 sale less the return on October 6.
QS 5-12 (Algo) Effects of sales transactions on income statement LO P2
Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement-
specifically, identify the accounts and amounts (including + or -) for each transaction.
October 1
October 6
October 9
Income Statement Components
Increase or
Decrease
Amount
Increase or
Decrease
Amount
Sales (gross)
(+) increase
Sales discounts
(-) decrease
1,800 (-) decrease
180
Increase or
Decrease
180 (+) increase
Amount
1,6
180
Sales returns and allowances
Net sales
Cost of goods sold
Gross profit
JUN
10
< Prev
4 of 9
Next >
> "180"
tv N
MacBook Pro
A
Aa
C](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F80b45471-670e-4c49-990f-b002a1df36f6%2Fe227d642-90d5-4bd7-8072-03691bc95786%2Ffcrxrd_processed.jpeg&w=3840&q=75)
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Inbox (248) - abi x M Gmail
M Question 3-Chap
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M Question 4 - Chaj x
Student Registrat xiConnect - Home
×
ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Fbb.mwcc.edu%252Fwe...
mapter 5 Quiz
Saved
Use the following information for the Quick Studies below.
Help
4
[The following information applies to the questions displayed below.]
58
ts
Ask
The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the
gross method.
October 1 Sold merchandise for $1,800, with credit terms n/30, invoice dated October 1. The cost of the
merchandise is $1,050.
October 6 The customer in the October 1 sale returned $180 of merchandise for full credit. The merchandise,
which had cost $105, is returned to inventory.
October 9 Sold merchandise for $850 cash. Cost of the merchandise is $570.
October 30 Received payment for the amount due from the October 1 sale less the return on October 6.
QS 5-12 (Algo) Effects of sales transactions on income statement LO P2
Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement-
specifically, identify the accounts and amounts (including + or -) for each transaction.
October 1
October 6
October 9
Income Statement Components
Increase or
Decrease
Amount
Increase or
Decrease
Amount
Sales (gross)
(+) increase
Sales discounts
(-) decrease
1,800 (-) decrease
180
Increase or
Decrease
180 (+) increase
Amount
1,6
180
Sales returns and allowances
Net sales
Cost of goods sold
Gross profit
JUN
10
< Prev
4 of 9
Next >
> "180"
tv N
MacBook Pro
A
Aa
C
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