The following trial balance pertains to Simmons Hardware as of January 1, 2016:

The following events occurred in 2016. Assume that Simmons Hardware uses the periodic inventory system.
1. Purchased land for $16,000 cash.
2. Purchased merchandise on account for $46,000, terms 2/10 n/30.
3. The merchandise purchased by Simmons was shipped FOB shipping point for $460 cash.
4. Returned $4,000 of defective merchandise purchased in Event 2.
5. Sold merchandise for $54,000 cash.
6. Sold merchandise on account for $100,000, terms 1/20 n/30.
7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2.
8. Paid $2,400 cash for selling expenses.
9. Collected $70,000 of accounts receivable within the discount period.
10. Collected $24,000 of accounts receivable but not within the discount period.
11. Paid $6,400 of other operating expenses.
12. Performed a physical count indicating that $60,000 of inventory was on hand at the end of the accounting period.
Required
a. Record these transactions in a general journal.
b. Post the transactions to ledger T-accounts.
c. Prepare a schedule of cost of goods sold, income statement, statement of changes in stock- holders€™ equity, balance sheet, and statement of cash flows for 2016.

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Account Title Debit Credit Cash Accounts receivable Merchandise inventory Accounts payable Common stock Retained earnings 28,000 18,000 120000 0,000 140,000 16,000 Total $166,000 $166,000