The following events pertain to Jefferson Hardware Store. Jefferson uses the perpetual inventory method. 1. Jefferson...

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The following events pertain to Jefferson Hardware Store. Jefferson uses the perpetual inventory method. 1. Jefferson Hardware was started on January 1, Year 1, when it acquired $5,000 cash by issuing common stock. 2. The store paid $4,500 cash to purchase inventory. 3. Jefferson sold for $6,000 cash inventory that cost $3,500. 4. During Year 1, the store paid $2,000 cash for operating expenses. Required Record the events in a financial statements model. Then prepare an income statement and a balance sheet. The following events pertain to Jefferson Hardware Store. Jefferson uses the perpetual inventory method. 1. Jefferson Hardware was started on January 1, Year 1, when it acquired $5,000 cash by issuing common stock. 2. The store paid $4,500 cash to purchase inventory. 3. Jefferson sold for $6,000 cash inventory that cost $3,500. 4. During Year 1, the store paid $2,000 cash for operating expenses. Required Record the events in a financial statements model. Then prepare an income statement and a balance sheet.

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