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please please help The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $90,000 cash from the issue of common
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The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $90,000 cash from the issue of common stock. 2. Purchased $82,500 of inventory on account. 3. Recelved goods purchased in Event 2 FOB shipping point; freight cost of $1,120 paid in cash. 4. Sold inventory on account that cost $52,000 for $99,000. 5. Freight cost on the goods sold in Event 4 was $990. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $4,960 worth of goods that had a cost of $2,530. 7. Collected $81,180 cash from accounts recelvable. 8. Paid $73.200 cash on accounts payable. 9. Pald $3,340 cash for advertising expense. 10. Paid $3,300 cash for insurance expense Step by Step Solution
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