1.	January 16: Purchased $520,000 of merchandise inventory from various suppliers on account (no discount for early payment offered).
2.	February1: Sold merchandise that cost $105,000 for $129,000 on account. The sales tax rate is 8 %.
3.	February 10: Paid half of the January 16 purchases.
4.	February 16: Paid the remaining balance of accounts payable from the January 16 purchase.
5.	March1: Paid the sales taxes recorded on February 1.
6.	June 1: Sold merchandise that cost $216,000 or $301,000 on account. The sales tax rate is 8 %.