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Wilson Co. experienced the following events for the 2013 accounting period:
1. Acquired $20,000 cash from the issue of common stock. 2. Purchased $36,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point. Freight cost of $900 paid in cash. 4. Returned $4,000 of goods purchased in Event 2 because of poor quality. 5. Sold inventory on account that cost $28,000 for $82,000. 6. Freight cost on the goods sold in Event 5 was $200. The goods were shipped FOB destination. Cash was paid for the freight cost. 7. Collected $33,000 cash from accounts receivable. 8. Paid $27,000 cash on accounts payable. 9. Paid $4,500 for advertising expense. 10. Paid $7,200 cash for insurance expense.
Required:
a. Which of these transactions 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 recorded as an example.
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