Event $1$: TEST acquired $$10,000$ cash by issuing common stock.

Event $2$: TEST paid $$9,000$ cash to purchase land for a place to locate a future store.

Event $3$: TEST purchased on account merchandise inventory with a list price of $$20,000.$

Event $4$: The shipping terms for the inventory purchased in Event $3$ were FOB shipping point.TEST paid the freight company $$496$ cash for delivering the merchandise.

Event $5$: TEST returned some of the inventory purchased in Event $3.$ The list price of thereturned merchandise was $$5,200.$

Event $6$a: TEST recognized $$18,000$ revenue on the sale on account of merchandise that cost$$9,500.$Event $6$b: TEST recognized $$9,500$ of cost of goods sold.

Event $7$: TEST received cash discount on goods in Event $3.$ The credit terms were $2/10,$ n$/30.$

Event $8$: TEST paid the $$14,504$ balance due on the account payable.

Event $9$: TEST sold the land that had cost $$9,000$ for $$11,000$ cash.

Event $10$a: A customer returned inventory $($bought on account$)$ with a price of $$2,000$ andmerchandise had cost Test $$1,200.$Event $10$b: The cost of the goods $($$$1,200)$ is returned to the inventory account.

Event $11$: TEST received $$5,500$ cash in advance from Pay company for services that will beperformed in the following year.

Event $12$: TEST took a physical count of its inventory and found $$6,000$ of inventory on hand.