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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

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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 $33,500 cash from the issue of common stock 2. Purchased inventory for $26,800 cash. 3. Sold inventory costing $18,600 for $29,000 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. Required A Required B Required Required D 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 > Record entry for issuance of common stock View transaction list Journal entry worksheet 1 2 3 4 Record entry for issuance of common stock. Note: Enter debits before credits. Event General Journal Debit Credit 01 Record entry Clear entry View general journal REGTE Required B Journal entry worksheet Record the entry of inventory purchased for cash. Note: Enter debits before credits. General Journal Debit Credit Event 2. Record entry Clear entry View general journal Required A Required B > UVU View transaction list Journal entry worksheet Required A Required B Required Required D Record the events in general journal format. (If no entry is required for a transaction/event, select "N- account field.) 4 View transaction list Journal entry worksheet 1 2 3 4 Record entry for cost of goods sold. Note: Enter debits before credits. General Journal Debit Event 3b Credit es Record entry Clear entry View general journal 1 Required A Required B Required C Required D Post the entries to T-accounts. pints Cash Common Stock 04:31:07 Beg. Bal. Beg. Bal. eBook End. Bal End. Bal. Merchandise Inventory Sales Revenue Hint Beg. Bal. Beg. Bal. Ask End, Bal. End. Bal. Print Cost of Goods Sold Beg. Bal o References End. Bal 10 points 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? 04:30:47 Complete this question by entering your answers in the tabs below. eBook Required A Required B Required C Required D Determine the amount of gross margin. Hint DAN WATSON MERCHANDISING Income Statement For the Year Ended December 31, Year 1 Ask Print

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