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