1	Acquired 60,000 cash from the issue of common stock
	Dr Cash 60,000
	Cr Common Stock 60,000
2	Purchased 65,000 of inventory on account
	Dr Inventory 65,000
	Cr Accounts Payable 65, 000
3	Received goods purchased in event 2 FOB shipping point, freight cost 900 paid in cash
	Dr Inventory 900
	Cr Cash 900
4	Sold inventory on account that cost 38,000 for 71,000****************
a	Book The Revenue First
	Dr Accounts Receivable 71,000
	Cr Sales Revenue 71,000
b	Book The Expense
	Dr Cost of Goods Sold 38,000
	Cr Inventory 38,000
5	Freight Cost on the goods sold in event 4 was 620. The goods were shipped FOB destination. Cash was paid
	Dr Shipping Expense 620
	Cr Cash 620
6	Customer in Event 4 returned 4200 worth of goods that had a cost of 2150
	We have to reverse what would be done for a sale (both revenue and expense)
a	Reverse the Revenue
	Dr Sales Revenue 4,200
	Cr Accounts Receivable 4,200
b	Reverse the Expense (and get inventory back as customer returned it)
	Dr Inventory 2,150
	Cr Cost of Goods Sold 2,150
7	Collected 58,300 cash from accounts receivable.
	Dr Cash 58,300
	Cr Accounts Receivable 58,300
8	Paid 59,200 cash on accounts payable
	Dr Accounts Payable 59,200
	Cr Cash 59,200
9	Paid 2,600 for advertising expense
	Dr Advertising Expense 2,600
	Cr Cash 2,600
10	Paid 3,100 cash for insurance expense
	Dr Insurance Expense 3,100
	Cr Cash 3,100