{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-05-26T19:15:28-04:00", "answer_date": "2024-05-26 19:15:28", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "1756608", "url": "\/study-help\/questions\/the-pet-store-experienced-the-following-events-for-the-year-1756608", "question_creation_date_js": "2024-05-26T19:15:28-04:00", "question_creation_date": "May 26, 2024 07:15 PM", "meta_title": "[Solved] The Pet Store experienced the following e | SolutionInn", "meta_description": "Answer of - The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the iss | SolutionInn", "meta_keywords": "pet,store,experienced,events,year,1,accounting,period,acquired,$60,000,cash,issue", "question_title_h1": " The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2.", "question_title": " The Pet Store experienced the following events for the Year 1", "question_title_for_js_snippet": "The Pet Store experienced the following events for the Year 1 accounting period 1 Acquired $60,000 cash from the issue of common stock 2 Purchased $65,000 of inventory on account 3 Received goods purchased in Event 2 FOB shipping point freight cost of $900 paid in cash 4 Sold inventory on account that cost $38,000 for $71,000 5 Freight cost on the goods sold in Event 4 was $620 The goods were shipped FOB destination Cash was paid for the freight cost 6 Customer in Event 4 returned $4,200 worth of goods that had a cost of $2,150 7 Collected $58,300 cash from accounts receivable 8 Paid $59,200 cash on accounts payable 9 Paid $2,600 cash for advertising expense 10 Paid $3,100 cash for insurance expense Required a Which of these events affect period (selling and administrative) costs Which result in product costs b Record the above events in a horizontal statement model 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 Complete this question by entering your answers in the tabs below Required A Required B Which of these events affect period (selling and administrative) costs Which result in product costs (Not all cells require entry ) Transaction 1 Cost 2 3 4 5 6 7 8 9 10 ", "question_description": "\"image", "transcribed_text": "The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $4,200 worth of goods that had a cost of $2,150. 7. Collected $58,300 cash from accounts receivable. 8. Paid $59,200 cash on accounts payable. 9. Paid $2,600 cash for advertising expense. 10. Paid $3,100 cash for insurance expense. Required a. Which of these events affect period (selling and administrative) costs? Which result in product costs? b. Record the above events in a horizontal statement model. 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. Complete this question by entering your answers in the tabs below. Required A Required B Which of these events affect period (selling and administrative) costs? Which result in product costs? (Not all cells require entry.) Transaction 1. Cost 2. 3. 4. 5. 6. 7. 8. 9. 10.", "related_book": { "title": "Financial Accounting", "isbn": "978-0470477151, 978-0-470-5562, 470556242, 0-470-55624-2, 9780470556245, 978-0470507018", "edition": "7th Edition", "authors": "Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/122.jpg", "uri": "\/textbooks\/financial-accounting-7th-edition-122", "see_more_uri": "" }, "free_related_book": { "isbn": "0062888366", "uri": "\/textbooks\/the-stranger-in-the-lifeboat-a-novel-978-0062888365-128628", "name": "The Stranger In The Lifeboat A Novel", "edition": "" }, "question_posted": "2024-05-26 19:15:28", "see_more_questions_link": "\/study-help\/questions\/business-economics-2023-September-08", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/precalculus\/a-childs-grandparents-purchase-a-10000-bond-fund-that-matures", "description": "A childs grandparents purchase a $10,000 bond fund that matures in 18 years to be used for her college education. The bond fund pays 4% interest compounded semiannually. 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