Problem 3-2 On January 1, 2016, Mookie started a baseball bat merchandising business that he named Mookie's Bats. The company experienced the following events during the first year of operation Started the business by issuing common stock for $325,000 cash. Paid $256,750 cash to purchase inventory Sold merchandise that cost $130,000 for $292,500 on account. Collected $260,000 cash from accounts receivable. Paid $65,000 for operating expenses. REQUIRED 1. Organize ledger accounts under the horizontal model