Problem #$4$ Part A

For the following transactions determine the effect on the Balance, Revenues

Expenses, Net Income and Retained Earnings.

$1$ Provide services for $$100$ on account terms $2/10$ n$/30.$

$2$ Receive cash payment from customer within the $10-$day discount period.

$3$ If instead of #$2$ the customer paid outside of the $10-$day discount period, what

would the effect of the cash receipt be$.$

$4$A Sell Inventory costing $$500$ for $$1,000$ cash. $$ Sales side

$4$B Sell Inventory costing $$500$ for $$1,000$ cash. $$ COGS side

$5$A Customer returns inventory costing $$25$ for a $$50$ cash refund. $$ Sales Side

$5$B Customer returns inventory costing $$25$ for a $$50$ cash refund. $$ COGS Side

Complete the table on below to show the effect of each transaction on the Cash Flow Statement, Balance Sheet, Net Income and Retained Earnings. Effect on Balance Sheet Effect onTransaction. And show the accounts associated with each transaction.