Account Tire Creum Cash $28.000 18,000 120.000 Account Receivable Merchandise Inventory Accounts Payable Common Stock Retained Earnings $ 10,000 140,000 16,000 The following events occurred in 2013. Assume that Feazell Hardware uses the periodic inventory system 1. Purchased land for $16,000 cash 2. Purchased merchandise on account for S46,000, terms 2/10 n/30 3. The merchandise purchased by Feazell was shipped FOB shipping point for S460 cash. 4. Returned $4,000 of defective merchandise purchased in Event 2 5. Sold merchandise for $4,000 cash 6. Sold merchandise on account for $100,000, terms 1/20 /30. 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 8. Paid S2,400 cash for selling expenses. 9. Collected $70,000 of accounts receivable within the discount period. 10. Collected $24,000 of accounts receivable but not within the discount period. 11. Paid $6,400 of other operating expenses. 12. Performed a physical count indicating that $60,000 of inventory was on hand at the end of the accounting period. Requirements 1. Record these transactions in a general journal. b. Post the transactions to ledger T-accounts. c. Prepare a schedule of cost of goods sold, an income statement, a statement of changes in stockholder's equity, a balance sheet and a statement of cash flows for 2013