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The Sports Store experienced the following events for the 2013 accounting period:
1. Acquired $40,000 cash from the issue of common stock. 2. Purchased $78,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash.4. Sold inventory on account that cost $46,000 for $72,000. 5. Freight cost on the goods sold in Event 4 was $560. The goods were shipped FOB destination. Cash was paid for the freight cost. 6. Customer in Event 4 returned $5,100 worth of goods that had a cost of $2,950. 7. Collected $61,500 cash from accounts receivable. 8. Paid $66,100 cash on accounts payable. 9. Paid $2,600 for advertising expense. 10. Paid $3,100 cash for insurance expense.
Required:
a. Which of these events affect period (selling and administrative) costs? Which result in product costs? If neither, label the transaction NA.
b. Record each event in a horizontal statements model like the following one. The first event is rcorded as anexample
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