During Semester Test $2$ Events

Event $1$: TEST acquired $$20,000$ cash by issuing common stock.

Event $2$: TEST paid $$5,000$ cash to purchase land for a place to locate a future store.

Event $3$: TEST purchased on account merchandise inventory with a list price of $$23,000.$

Event $4$: TEST returned some of the inventory purchased in Event $3.$ The list price of the returned merchandise was $$500.$

Event $5$a: TEST recognized $$22,000$ revenue on the sale on account of merchandise that cost $$16,000.$

Event $5$ b: TEST recognized $$16,000$ of cost of goods sold.

Event $6$: The shipping terms for the inventory purchased in Event $3$ were FOB shipping point. TEST paid the freight company $$950$ cash for delivering the merchandise.

Event $7$: TEST received cash discount on goods in Event $3.$ The credit terms were $2/10,$ n$/30.$

Event $8$: TEST paid the $$22,050$ balance due on the account payable.

Event $9$: TEST sold the land that had cost $$5,000$ for $$7,000$ cash.

Event $10$a: A customer returned inventory $($bought on account$)$ with a price of $$3,000$ and merchandise had cost Test $$1,500.$

Event $10b$ : The cost of the goods $($$$1,500)$ is returned to the inventory account.

Event $11$: TEST received $$2,500$ cash in advance from Pay company for services that will be performed in the following year.

Event $12$: TEST took a physical count of its inventory and found $$8,000$ of inventory on hand.

AccT $253$