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Sycamore Company engaged in the following transaction during October of 2021. Record the events using...

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Accounting

Sycamore Company engaged in the following transaction during October of 2021. Record the events using the integrated financial statements model.

October 2 Purchased inventory from OAK Company costing $10,000 on account. The terms of the purchase were 1/10, n/30.

October 3 The merchandise was delivered FOB destination. Freight costs were $110.

October 5 Returned $1,000 of the inventory to OAK Company because it not what was ordered.

October 10 Paid the amount due to OAK company.

October 15 Sold inventory that had cost $5,000 for $10,000 on account to Maple Corporation, under terms 2/10, n/45.

October 16 Delivered goods FOB destination sold on October 15. Freight costs of $60 were paid in cash.

October 19 Received returned merchandise from Maple Corporation. The cost of the returned merchandise was $1,000 and was sold for $2,000.

October 25 Collected the amount due on the account receivable from Maple Corporation.

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