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The following events were completed by Dana's Imports in September 2018: Sept. 1 Acquired $47,000 cash from the issue of common stock 1 Purchased $31,500
The following events were completed by Dana's Imports in September 2018: Sept. 1 Acquired $47,000 cash from the issue of common stock 1 Purchased $31,500 of merchandise on account with terms 2/10, n/30. 5 Paid $650 cash for freight to obtain merchandise purchased on September 8 Sold merchandise that cost $10,750 to customers for $18,000 on account, 8 Returned $700 of defective merchandise from the September 1 purchase to 10 Paid cash for the balance due on the merchandise purchased on September 20 Received cash from customers of September 8 sale in settlement of the 30 Paid $3,200 cash for selling expenses. with terms 2/10, n/30 the supplier 1. account balances, but not within the discount period. Required 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 activityFA for financing activity, NC for net change in cash and NA to indicate the element is not affected by the event. The first event is recorded as an example. b. Prepare an income statement for the month ending September 30 c. Prepare a statement of cash flows for the month ending September 30
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