Expert Computers was started in 2018. The company experienced the following accounting events during its first year of operation
:
1. Started business when it acquired $86,000 cash from the issue of common stock
2. Purchased merchandise with a list price of $70,000 on account, terms 2/10, n/30
3. Paid off one-half of the accounts payable balance within the discount period
4. Sold merchandise on account for $56,900. Credit terms were 1/20, n/30
5. The merchandise had cost Expert Computers $34,100
6. Collected cash from the account receivable within the discount period
7. Paid $10,200 cash for operating expenses
8. Paid the balance due on accounts payable. The payment was not made within the discount period.
Record the events in a horizontal statements model
1. Started business when it acquired $86,000 cash from the issue of common stock
2. Purchased merchandise with a list price of $70,000 on account, terms 2/10, n/30
3. Paid off one-half of the accounts payable balance within the discount period
4. Sold merchandise on account for $56,900. Credit terms were 1/20, n/30
5. The merchandise had cost Expert Computers $34,100
6. Collected cash from the account receivable within the discount period
7. Paid $10,200 cash for operating expenses
8. Paid the balance due on accounts payable. The payment was not made within the discount period.
Record the events in a horizontal statements model
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