The following events were completed by Chan's Imports in September 2012. Sept 1. Acquired $60,000 cash from the issue of common stock Sept 1. Purchased $36,000 of merchandise on account with terms 2/10, n/30 Sept 5. Paid $800 cash for freight to obtain merchandise purchase on Sept. 1 Sept 8. Sold merchandise that cost $20,000 to customers for $38,000 on account, with terms 2/10, n/30 Sept 8. Returned $1500 of defective merchandise from the Sept 1 purchase to the supplier Sept 10. Paid cash for the balance due on the merchandise purchased on Sept 1 Sept 20. Received cash from customers of Sept 8 sale in settlement of the account balances, but not within the discount period Sept 30. Paid $4900 cash for selling expenses