Che The Pet Store experienced the following events for the Year 1 accounting period: 1....
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Accounting
Che The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $75,000 cash from the issue of common stock 2. Purchased $74,000 of inventory on account 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,700 pald in cash 4. Sold inventory on account that cost $45,000 for $85,000. 5. Freight cost on the goods sold in Event 4 was $940. The goods were shipped FOB destination. Cash was paid for the freight cost 6. Customer in Event 4 returned $4,920 worth of goods that had a cost of $2,510 7. Collected $69,700 cash from accounts receivable. 8. Paid $66,200 cash on accounts payable. 9. Paid $2,950 for advertising expense. s 10. Paid $3,590 cash for insurance expense
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