Event $1$: TEST acquired $$10,000$ cash by issuing common stock.Event $2$: TEST paid $$9,000$ 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 $$20,000.$Event $4$: The shipping terms for the inventory purchased in Event $3$ were FOB shipping point. TEST paid the freight company $$496$ cash for delivering the merchandise.Event $5$: TEST returned some of the inventory purchased in Event $3.$ The list price of the returned merchandise was $$5,200.$Event $6$a: TEST recognized $$18,000$ revenue on the sale on account of merchandise that cost $$9,500.$Event $6$b: TEST recognized $$9,500$ of cost of goods sold.Event $7$: TEST received cash discount on goods in Event $3.$ The credit terms were $2/10,$ n$/30.$Event $8$: TEST paid the $$14,504$ balance due on the account payable.Event $9$: TEST sold the land that had cost $$9,000$ for $$11,000$ cash.Event $10$a: A customer returned inventory $($bought on account$)$ with a price of $$2,000$ and merchandise had cost Test $$1,200.$Event $10$b: The cost of the goods $($$$1,200)$ is returned to the inventory account.Event $11$: TEST received $$5,500$ cash in advance from Pay company for services that will be performed in the following year.Event $12$: TEST took a physical count of its inventory and found $$6,000$ of inventory on hand.