Lisa's Dress Supply $($LDS$),$ a garment wholesaler, experienced the following events in Year $1,$ its first year of

operations. LDS uses the perpetual inventory method.

LDS was started when it issued common stock for $$60,000$ cash.

LDS purchased on account inventory with a list price of $$54,000.$ Payment terms were $\frac{2}{10},\frac{n}{30}.$ LDS

records inventory transactions at the gross amount.

The freight terms for the merchandise delivered in Event No$.2$ were FOB shipping point. LDS paid the

freight cost of $$1,000$ in cash.

An inspection revealed that merchandise with a list price of $$4,000$ purchased in Event No$.2$ was

defective. LDS returned this merchandise to its supplier for credit.

LDS paid within the discount period for the inventory purchased in Event No$.2.$

LDS sold inventory to various retail store customers on account. LDS offers customers payment terms

of $\frac{1}{15},\frac{n}{30}.$ The list price for the sales was $$68,000.$ The cost of the inventory sold was $$42,140.$

Customers returned some goods LDS had sold in Event No$.6.$ The goods had been sold for a list price

of $$4,000$ and had a cost of $$2,940.$

LDS paid in cash freight cost of $$1,200$ for goods delivered to customers FOB destination.

LDS collected cash from customers who paid off accounts receivable with a list price of $$50,000$ within

the $15-$day discount period.

LDS paid $$9,600$ in cash for other operating expenses.

Complete Practice Problem #$2$

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