E6-13 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 $800 purchase in cash. The goods cost Rockland $460. 15 Sold merchandise to Shoe Express at a selling price of $8,000, with terms n/30. Rockland's cost was $4,300. 23 Shoe Express returned shoes were in perfect 31 Shoe Express paid the balance owing after July 15 and 23. $2,000 of the shoes purchased July 15. The returned condition and had cost Rockland $1,100. Transaction July 12 July 15 July 23 July 31 Totals Sales Revenue fores)
E6-13 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 $800 purchase in cash. The goods cost Rockland $460. 15 Sold merchandise to Shoe Express at a selling price of $8,000, with terms n/30. Rockland's cost was $4,300. 23 Shoe Express returned shoes were in perfect 31 Shoe Express paid the balance owing after July 15 and 23. $2,000 of the shoes purchased July 15. The returned condition and had cost Rockland $1,100. Transaction July 12 July 15 July 23 July 31 Totals Sales Revenue fores)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Do not give answer in image
![E6-13 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 $800 purchase in cash. The goods cost Rockland $460.
15
Sold merchandise to Shoe Express at a selling price of $8,000, with terms
23
n/30. Rockland's cost was $4,300.
Shoe Express returned
shoes were in perfect
31 Shoe Express paid the
$2,000 of the shoes purchased July 15. The returned
condition and had cost Rockland $1,100.
balance owing after July 15 and 23.
Transaction July 12 July 15 July 23 July 31 Totals
Sales Revenue
(gross)
Sales Returns
Net Sales
Cost of Goods Sold
Gross Profit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fec20c2bc-5613-42f1-b46c-feb8a3b0649e%2Ff1bd2066-ca4a-47ba-b6ea-90076ff5bb16%2Fr6kt619_processed.png&w=3840&q=75)
Transcribed Image Text:E6-13 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 $800 purchase in cash. The goods cost Rockland $460.
15
Sold merchandise to Shoe Express at a selling price of $8,000, with terms
23
n/30. Rockland's cost was $4,300.
Shoe Express returned
shoes were in perfect
31 Shoe Express paid the
$2,000 of the shoes purchased July 15. The returned
condition and had cost Rockland $1,100.
balance owing after July 15 and 23.
Transaction July 12 July 15 July 23 July 31 Totals
Sales Revenue
(gross)
Sales Returns
Net Sales
Cost of Goods Sold
Gross Profit
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