any format

4. Indicate how each of the following accounting events affects the elements of a financial statement, using horizontal financial statement. a. Lazarus Co. purchased $20,000 of merchandise inventory on account from a supplier, HTP Company b. Lazarus Co. paid $800 cash to a freight company for delivering inventory that Lazarus had purchased from HTP Company with freight terms FOB shipping point. c. A customer returned goods to Lazarus Co. that had been purchased for $500 on account. The goods had originally cost Lazarus $350. 5. McGraw Hill had $5,000 of inventory at the beginning of 2019. During the year, the company bought $55,000 in inventory. The company paid $400 transportation expense as the inventory was purchased FOB shipping point. During the year, the company returned $2000 of inventory to the supplier. The supplier gave $1,200 as cash discount for payment within the discount period. At the end of the year, the ending inventory worth $8,000 Calculate the cost of goods sold. Jan 30 Purchase 200 $40 $8,000 On February 1, 2019, the company sold 500 units at $40 cach. Calculate the cost of goods sold using the First-In-First Out Method and the Gross Margin. 4. Indicate how each of the following accounting events affects the elements of a financial statement, using horizontal financial statement. a. Lazarus Co. purchased $20,000 of merchandise inventory on account from a supplier, HTP Company b. Lazarus Co. paid $800 cash to a freight company for delivering inventory that Lazarus had purchased from HTP Company with freight terms FOB shipping point. c. A customer returned goods to Lazarus Co. that had been purchased for $500 on account The goods had originally cost Lazarus $350. TT1 1 1ean + in N