If no account or activity is affected, select "No effect" from the dropdown and leave the corresponding number entry box blank. Enter account decreases, cash outflows, and the income statement effects that reduce gross profit as negative amounts. The following selected transactions were completed during June between Snipes Company and Beejoy Company Requirements: 1. Illustrate the effects of each of the transactions on the accounts and financial statements of Snipes Company. June . Snipes Company sold merchandise on account to Beejoy Company, $18.250, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,000. Snipes Company paid transportation costs of $400 for delivery of the merchandise. Cash June 400 Operating Balance Sheet Assets Liabilities 14 Accounts Receivable Inventory No Effect Stockholders' Equity Retained Earnings 17,885 +10,000 7,485 Statement of Cash Flows 400 Sales Cost of goods sold Delivery expense Netgi Income Statement 17,885 10,000 400 7,485