Date Transaction July 1 Owner invested $100,000 cash into the business. July 2 Purchased equipment on account for $10,000 plus $100 installation. It has a life of 4 years with zero residual value. July 5 Purchased 20 coats at $50 each terms 2/10, n/30. July 9 Paid $200 for the shipping of the coats on July 5th. July 11 Purchased another 10 coats at $60 each term 2/10, n/30. July 15 Paid the rent of $2000. July 15 Sold 2 coats to Argus at $500 each, terms 2/10, n/30. At this point remember to do the COGS entry without the dollar value (LIFO). You will compute that amount in the next step of the project. July 16 Sold 4 coats to James at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. July 22 Sold 7 coats to Bob at $500 each, terms 2/10, n/30. You will compute that amount in the next step of the project. July 24 Bob returned 1 coat that was damaged and we gave hin credit on his account. Could not be restocked. July 26 Bob paid his bill within the discount period. July 31 Paid electric bill $100