Rand Wholesale Company purchases merchandise from a variety of manufacturers and sells the merchandise to a variety of retailers. All sales are subject to a cash discount $(\frac{2}{10},\frac{n}{30}.$ Rand has a perpetual inventory system.

The February $1$ balance in Rand's Inventory account was a $$50,000$ debit. The following transactions, occurred during F$.$ebruary:

Feb $2$ Purchased $$8,600$ of merchandise from Sweet Manufacturing; terms are $\frac{1}{10},\frac{n}{30}.$

$5$ Paid $$270$ freight on the February $2$ purchase.

$11$ Paid Sweet for the February $2$ purchase.

$13$ Purchased $$6,000$ of merchandise from Tayler Manufacturing; terms are $\frac{2}{10},\frac{n}{45}.$

$16$ Received a $$300$ allowance on the February $13$ purchase since some of the merchandise was the wi

$17$ Purchased $$5,200$ of merchandise from Zorn Industries; terms are $\frac{2}{10},\frac{n}{30}.$

$20$ Sold merchandise with a list price of $$3,000($ $$1,200$ cost$)$ to Valley Mart.

$22$ Valley Mart returned $20$ percent of the merchandise from the February $20$ sale.

$23$ Paid Tayler Manufacturing for the February $13$ purchase.

$28$ Paid Zorn Industries for the February $17$ purchase.

Required

Prepare a schedule that shows the impact of these transactions on Rand's Invistory account. Use the following headings:

Date

Transaction

Debit Amount

Credit Amount

Account Balance