The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $65,000 cash from the issue of common stock. 2. Purchased $82,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; transportation cost of $930 paid in cash. 4. Sold Inventory on account that cost $48,000 for $91,000. 5. Transportation cost on the goods sold in Event 4 was $1,060. The goods were shipped FOB destination. Cash was paid for the transportation cost. 6. Customer in Event 4 returned $6,140 worth of goods that had a cost of $3,120. 7. Collected $74,620 cash from accounts receivable. 8. Paid $69,200 cash on accounts payable. 9. Paid $3,430 for advertising expense. 10. Paid $3,560 cash for insurance expense.