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The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired...

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Accounting

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The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $70,000 cash from the issue of common stock. 2. Purchased $61,000 of inventory on account 3. Received goods purchased in Event 2 FOB shipping point, transportation cost of $1,870 paid in cash. 4. Sold inventory on account that cost $51,000 for $97.000. 5. Transportation cost on the goods sold in Event 4 was $1,020. The goods were shipped FOB destination. Cash was paid for the transportation cost 6. Customer in Event 4 returned $4,540 worth of goods that had a cost of $2,320. 7 Collected $79,540 cash from accounts receivable 8. Paid $56,200 cash on accounts payable. 9. Paid $3,020 for advertising expense. 10. Paid $4,050 cash for insurance expense. THE PET STORE Horizontal Statements Model for Year 1 Balance Sheet Liabilities Stockholders' Equity Accounts Common Inventory Retained Payable Stock Earnings 70.000 Income Statement Expense Net Income Statement of Cash Flow Revenue Assets Accounts Receivable Events Cash 70,000 FA 70,000+ . . . + . 1. Stock 2 Purin Transport A Sold 40.COM 5. Pd van Isa Rot sale ch. Rew 7. Coll. AR 8. Pd. AP 9.Pd. exp 10 Pd. Up Endal . . 70,000 0 70,000 O 70,000

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