The following events were completed by Danas Imports in September 2018: Sept. 1 Acquired $46,000 cash from the issue of common stock. 1 Purchased $31,000 of merchandise on account with terms 2/10, n/30. 5 Paid $1,000 cash for freight to obtain merchandise purchased on September 1. 8 Sold merchandise that cost $10,500 to customers for $17,500 on account, with terms 2/10, n/30. 8 Returned $650 of defective merchandise from the September 1 purchase to the supplier. 10 Paid cash for the balance due on the merchandise purchased on September 1. 20 Received cash from customers of September 8 sale in settlement of the account balances, but not within the discount period. 30 Paid $3,050 cash for selling expenses. a. Record each event in a statements model like the following one. In the Cash Flow column, use OA to designate operating activity, IA for investment activity, FA for financing activity, or NC for net change in cash. If the element is not affected by the event, leave the cell blank. The first event is recorded as an example. 5. Prepare an income statement for the month ending September 30. . Prepare a statement of cash flows for the month ending September 30. Income Statement Date Balance Sheet = Liabilities + Accounts + Inventory = + Payable Assets Accounts Receivable Statement of Cash Flows Revenue Expenses = Net Income Cash Stockholders' Equity Common Retained Stock Earnings 46,000 + + 9/1 46,000 + + + = 46,000 FA 9/1 + + 31,000+ + 31,000 1,000/= 9/5 (1,000) + + + + (1,000) 9/8a. + + (10,500) + + 10,500 (10,500) 17,500 (10,500) 17,500 9/8b. + 17,500 + + + 17,500 + (650) = (650)| + + 9/8c. 9/10 + + + + + + + + + + 9/20 + + + + 9/30 + + + + Total $ 45,000 + $ 17,500 + $ 20,850 = $ 30 3501 Edit cbartout