Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system.

1. Acquired $30,000 cash from the issue of common stock

2.Purchased inventory for $18,000 cash.

3. Sold inventory costing $15,000 for $32,000 cash.

Required:

a. Record the events in general journal format.

b. Post the entries to T-accounts.

c. Determine the amount of gross margin.

d. What is the amount of net cash flow from operating activities for Year 1?

Print Required A Required B Required Required Record the events in general journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) References View transaction list Journal entry worksheet 2 3 4 Record entry for Issuance of common stock! Note: Enter debits before credits General Journal Debit Credit Event 1 Record entry Clear entry View general journal ME Graw Hill MacBook Pro Print Required A Required B Required C Required D References Record the events in general Journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet 1 2 3 Record the entry of inventory purchased to cash. Note: Enter debits before credits Event General Journal Debit Credit 2. Record entry Clear entry View general Journal MacBook Pro ook d. What is the amount of net cash flow from operating activities for Year 1? Hint Complete this question by entering your answers in the tabs below. Print Required A Required B Required Require Record the events in general Journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) References View transaction lit Journal entry worksheet > 2 3 Record sale of inventory for cash. Note: Enter debits before credits. Debit Event Credit General Journal 3a Record entry Clear entry View general journal MC Graw HII MacBook Pro a. Record the events in general journal format b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 17 eBook Complete this question by entering your answers in the tabs below. Required A Required Required Record the events in general Journal format. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) References View transaction et Journal entry worksheet Record entry for cost of goods sold. Note: Enter debits before credits Event General Journal Debit Credit Record entry Clear entry View general Journal ME Graw MI MacBook Pro 9.09 points issue of common stock. 2. Purchased inventory for $18,000 cash. 3. Sold inventory costing $15,000 for $32,000 cash. Required a. Record the events in general Journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin. d. What is the amount of net cash flow from operating activities for Year 1? Complete this question by entering your answers in the tabs below. Pin Required A Red B Required Required D Post the entries to T-accounts Cash Common Stock Beg. Bal Beg Bal End, Ral End Bal Merchandise Inventory Sales Revenue Beg Bal Beg Bal End End. Bal Cost of Goods Sold Beg Bal End. Bal S NEPTUN system LO 4-1 9.09 points co Dan Watson started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system. 1. Acquired $30,000 cash from the issue of common stock 2. Purchased Inventory for $18,000 cash 3. Sold inventory costing $15,000 for $32.000 cash Required a. Record the events in general Journal format. b. Post the entries to T-accounts. c. Determine the amount of gross margin d. What is the amount of net cash flow from operating activities for Year 1? Air Complete this question by entering your answers in the tabs below. References Required A Required Required Required Determine the amount of gross margin. DAN WATSON MERCHANDISING Income Statement For the Year Ended December 31, Year 1 Required Required D > ME Graw GI! MacBook Pro 2 Exercise 4-2A Effect of inventory transactions on journals, ledgers, and financial statements: Perpetual system LO 4-1 9.09 pones Dan Watson started a small merchandising business in Yeart. The business experienced the following events during its first year of operation. Assume that Watson uses the perpetual inventory system 1. Acquired $30,000 cash from the issue of common stock 2. Purchased inventory for $18,000 cash 3. Sold inventory costing $15,000 for $32,000 cash. Required a. Record the events in general journal format 1. Post the entries to T-accounts c. Determine the amount of gros margin. d. What is the amount of net cash flow from operating activities for Year 1? o Complete this question by entering your answers in the tabs below. References Required A Required B Required Required What is the amount of net cash flow from operating activities for Year 17 (Indicate cash outflows with minus sign) Netcash flow from opening activities ME Grow HE