Problem 3-28A (Algo) Comprehensive cycle problem: Periodic system (Ap The following listing of accounts pertains to Benji's Grocery as of January 1, Year 2: Beginning Account Title Balances Cash $25,000 Accounts receivable 3,800 Merchandise inventory 48,000 Accounts payable 3,800 Common stock Retained earnings 41,000 32,000 The following events occurred in Year 2. Assume that Benji's uses the periodic inventory method 1. Purchased land for $8,800 cash. 2. Purchased merchandise on account for $94,000, terms 1/10, n/45. 3. Paid freight of $900 cash on merchandise purchased FOB shipping point. 4. Returned $3,400 of defective merchandise purchased in Event 2. 5. Sold merchandise for $84,000 cash. 6. Sold merchandise on account for $87,000, terms 2/10, n/30. Prev 6 of Next