The following listing of accounts pertains to Benji's Grocery as of January $1,$ Year $2$:

Account Title Beginning Balances

Cash $ $21,000$

Accounts receivable $3,000$

Merchandise inventory $40,000$

Accounts payable $3,000$

Common stock $33,000$

Retained earnings $28,000$

The following events occurred in Year $2.$ Assume that Benji$$s uses the periodic inventory method.

Purchased land for $$8,000$ cash.

Purchased merchandise on account for $$86,000,$ terms $3/10,$ n$/45.$

Paid freight of $$500$ cash on merchandise purchased FOB shipping point.

Returned $$2,600$ of defective merchandise purchased in Event $2.$

Sold merchandise for $$76,000$ cash.

Sold merchandise on account for $$75,000,$ terms $1/10,$ n$/30.$

Paid cash within the discount period on accounts payable due on merchandise purchased in Event $2.$

Paid $$10,600$ cash for selling expenses.

Collected $$40,000$ of the accounts receivable from Event $6$ within the discount period.

Collected $$35,000$ of the accounts receivable but not within the discount period.

Paid $$5,400$ of other operating expenses.

A physical count indicated that $$46,600$ of inventory was on hand at the end of the accounting period