Sept 1. Acquired $60,000 cash from the issue of common stock
Sept 1. Purchased $36,000 of merchandise on account with terms 2/10, n/30
Sept 5. Paid $800 cash for freight to obtain merchandise purchase on Sept. 1
Sept 8. Sold merchandise that cost $20,000 to customers for $38,000 on account, with terms 2/10, n/30
Sept 8. Returned $1500 of defective merchandise from the Sept 1 purchase to the supplier
Sept 10. Paid cash for the balance due on the merchandise purchased on Sept 1
Sept 20. Received cash from customers of Sept 8 sale in settlement of the account balances, but not within the discount period
Sept 30. Paid $4900 cash for selling expenses
This question was asked on Jan 15, 2013 and answered on Jan 17, 2013.
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