E6-13 (Algo) Determining the Effects of Credit Sales, Sales Discounts, and Sales Returns and Allowances on the Income Statement [LO 6-4, LO 6-6] Complete the following table, indicating the amount and direction of effect of each transaction on each item in Rockland Shoe Company's income statement. Be sure to compute the total effects in the final column. Rockland allows returns within only two weeks of the initial sale. (Enter any decreases to account balances with a minus sign.) July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the $455 purchase in cash. The cost Rockland $265. July 15 Sold merchandise to Shoe Express at a selling price of $9,500, with terms n/30. Rockland's cost was $4,900. July 23 Shoe Express returned $2,300 of the shoes purchased July 15. The returned shoes were in perfect condition and had cost Rockland $1,250. July 31 Shoe Express paid the balance owing after the events on July 15 and 23. July 12 July 15 July 23 Transaction Sales Revenues Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit July 31 Totals

E6-13 (Algo) Determining the Effects of Credit Sales, Sales Discounts, and Sales Returns and Allowances on the Income Statement [LO 6-4, LO 6-6] Complete the following table, indicating the amount and direction of effect of each transaction on each item in Rockland Shoe Company's income statement. Be sure to compute the total effects in the final column. Rockland allows returns within only two weeks of the initial sale. (Enter any decreases to account balances with a minus sign.) July 12 Rockland sold merchandise to Kristina Zee at its factory store. Kristina paid for the $455 purchase in cash. The cost Rockland $265. July 15 Sold merchandise to Shoe Express at a selling price of $9,500, with terms n/30. Rockland's cost was $4,900. July 23 Shoe Express returned $2,300 of the shoes purchased July 15. The returned shoes were in perfect condition and had cost Rockland $1,250. July 31 Shoe Express paid the balance owing after the events on July 15 and 23. July 12 July 15 July 23 Transaction Sales Revenues Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit July 31 Totals

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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