START PERIOD AS FOLLOWS

CASH $250000

INVENTORY $ 125000

LAND $625000

Common Stock $800000

RETAINED EARNINGS $200000

This is what happened in period.

1 PURCHASED $90000 IN MERCHENDISE 2/10N/30

2 The goods were purchased FOB destination.

3 RETURNED $10000 OF EVENT 1

4A. RECORD CASH DISCOUNT ON EVENT 1

4B, Paid balance 9 days after purchase.

5A had sales of 190000

5B cost of goods sold $125000

6 5A was sold FOB destination. Freight cost 17500

7 Paid cash of $40000 for selling administration cost.

Do cash t and inventory then do income statement and balance sheet.