Enter the following transactions in the financial statement model below.
1. Purchased $60,000 of merchandise inventory on account, terms 2/10, n/30.
2. The goods purchased in event 1 were delivered FOB shipping point. Freight costs of $1,500 were paid in cash by the responsible party.
3. Returned $3,000 of goods purchased in event 1.
4. Recorded the cash discount on the goods purchased in event 1
Paid the balance due on event 1.
5. Sold $59,000 of merchandise and receive cash. The merchandise had cost $45,000.
6. The goods sold in event 5 were sold to customers FOB destination. Freight costs of $1,400 were paid in cash by the responsible party.
7. Paid cash of $9,000 for selling and administrative expenses.
8. Sold the land for $14,500 cash.