please explain and fill out the charts

The following listing of accounts pertains to Benji's Grocery as of January '1, Year 2 Beginning Account Title Balances Cash $64,600 Accounts receivable 12,600 Merchandise inventory 96,660 Accounts payable 2,566 Common stock 89,666 Retained earnings 69,566 The following events occurred in Year 2. Assume that Benji's uses the periodic inventory method. 1. Purchased land for $30,000 cash. 2. Purchased merchandise on account for $230,000, terms 11'10, nf45. 3. Paid freight of $2,100 cash on merchandise purchased FOB shipping point. 4. Returned $8,600 of defective merchandise purchased in Event 2. 5. Sold merchandise for $186,000 cash. 6. Sold merchandise on account for $236,000, terms 2.00, nl'30. 7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 8. Paid $28,500 cash for selling expenses. 9. Collected $156,000 of the accounts receivable from Event 6 within the discount period. 10. Collected $56,000 of the accounts receivable but not within the discount period. 11. Paid $17,100 of other operating expenses- 12. A physical count indicated that $48,300 of inventory was on hand at the end of the accounting period. Req u ired a. Record the preceding transactions in a horizontal statements model. In the Cash Flows column, use 0A to designate operating activity, IA for investing activity, FA for nancing activity, or NC for net change. If the account is not affected by the event, leave the cell blank. The beginning balances have been recorded as an example. b. Prepare a schedule of cost of goods sold and an income statement. Record the preceding transactions in a horizontal statements model. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, or NC for net change. If the account is not affected by the event, leave the cell blank. The beginning balances have been recorded as an example. (Not every cell will require entry. Enter any decreases to account balances and cash outflows with a minus sign.) Show less BENJI'S GROCERY Horizontal Statements Model Balance Sheet Income Statement Event Assets = Liabilities + Stockholders' Equity Statement of Cash Flows Accounts Merchandise Accounts Retained Expenses = Net Income Cash Common Revenue Receivable Inventory Land Payable Stock Earnings Bal 64,000 + 12,000 + 90,000 + 7,500 + 89,000 - 69,500 1. 2 3 4 5 6 7a 7b 8. + + ga 9b 10 11. + 12 + Total $ 64,000 + $ 12,000 + $ 90,000 + $ 0 = $ 7,500 + $ 89,000 + $ 69,500 $ 0 - $ 0 = $ 0 $ 0Prepare a schedule of cost of goods sold. BENJI'S GROCERY Schedule of Cost of Goods Sold For the Year Ended December 31, Year 2 Cost of goods available for sale Cost of goods sold