Charlie Co. opened their doors on January 1, 20xx, with the intention of selling widgets to customers in their area. The following events occurred during the first year of operation. Complete the accounting cycle for year I for Charlie Co. 1/1 Charlie Co. acquired $35,000 cash in exchange for common stock 1/2 Charlie Co. purchased widgets from its supplier for $10,000. 1/3 2/10 The purchase made on 1/2 had shipping terms of FOB Shipping Point and the responsible party paid $250 cash. Charlie Co. sold widgets that costed $5,000 to customers at a price of $10,000. 2/15 Charlie Co. paid $5,000 cash for land they planned to use as a future store. 3/15 3/18 3/28 5/4 5/5 5/9 5/14 Charlie Co. purchased $15,000 of widgets on account. The credit terms for the purchase was 2/15, n/30. Charlie Co. returned $2,000 worth of the widgets purchased on 3/15 because of defects. Charlie Co. paid the balance due on accounts payable. Charlie Co. sold on account widgets with a list price of $20,000. The widgets had cost Charlie Co. $10,000. The shipping terms of this sale is FOB Destination. Charlie Co. offered a discount to the customer with terms 1/10, n/30. The responsible party paid $300 for shipping costs in regards to the sale on 5/4. Customers from the 5/4 sale returned $2,000 of the widgets. The widgets cost Charlie Co. $1,000, Charlie Co. $9,900 cash as a received a partial settlement (A/P value of $10,000) for the sale on 5/4. Charlie Co. received the remaining accounts payable payment due from the sale on 5/4. Charlie Co. paid $3,000 for selling and administrative expenses. 6/1 7/15 8/31 Charlie Co. sold the land it purchased on 2/15 for $7,500. 9/1 Charlie Co. borrowed $10,000 from the bank. 12/31 Charlie Co. paid $250 for interest on the notes payable from 9/1. 12/31 Charlie Co. completed their end-of-year inventory count and found they had $8,890 of inventory on hand