Question: Retained Earnings Statement 1. Issued capital stock for $50,000. 2. Purchased $25,000 of inventory on account. 3. Sold inventory costing $5,000 for $10,000 on account.

Retained Earnings Statement 1. Issued capital stock for $50,000. 2. Purchased

Retained Earnings Statement $25,000 of inventory on account. 3. Sold inventory costing $5,000 for $10,000

1. Issued capital stock for $50,000. 2. Purchased $25,000 of inventory on account. 3. Sold inventory costing $5,000 for $10,000 on account. 4. Paid $5,000 for inventory purchased on account (from item2). 5. Collect $4,800 of accounts receivable (from item3). 6. Paid salaries for $2,500

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