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please help me fill in the blanks please and thank uuuu 1. Acquired $80,000 cash from the issue of common stock. 2. Purchased $81,000 of
please help me fill in the blanks please and thank uuuu
1. Acquired $80,000 cash from the issue of common stock. 2. Purchased $81,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point, transportation cost of $850 paid in cash. 4. Sold inventory on account that cost $47,000 for $89.000. 5. Transportation cost on the goods sold in Event 4 was $730. The goods were shipped FOB destination. Cash was paid for the transportation cost. 6. Customer in Event 4 returned $5,940 worth of goods that had a cost of $3,020. 7. Collected $72.980 cash from accounts receivable 8. Paid $67,200 cash on accounts payable 9. Paid $3,500 for advertising expense. 10. Paid $3,180 cash for insurance expense. THE PET STORE Horizontal Statement Modul for Year 1 Balance Sheet Liabilities Stockholders' Equity Accounts Common inventory Retained + Payable Stock Earnings 80,000 Revenue Income Statument Eapense Net Income Statement of Cash Flow Assets Accounts Receivable Events Cash 30.000 FA 80.000 + . 1 Stock 2. Pur in 3. Transport 4a. Sold in Cost Pd tran a Retale 6 Retiny 7. Col. AR Pd AP 9 Pd exp 10 Pd exp End Bal Step by Step Solution
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