Accounting for Mar The following events affected the company during the 2017 accounting period: 1. Purchased merchandise on account that cost $4.100. 2. The goods in event I were purchased. FOB shipping point with freight cost of S300 cash. 3. Returned $500 of damaged merchandise lor credit on account. 4. Agreed to keep other damaged merchandise for which the company received a $250 allowance. 3. Sold merchandise that cost $2.750 for $4.750 cash 6. Delivered merchandise to customers under terms FOB destination with freight costs amount ing to $200 cash 7. Paid 53,000 on the merchandise purchased in Event I. Required 3. Record the transactions in general journal format b Open general ledger T-accounts with the appropriate beginning balances and post the jour nal entries to the T-accounts c. Prepare an income statement and statement of cash flows for 2011. d. Explain why a difference does ar does not exist between net income and net cash flow from operating activities