The Tourist Shop sells souvenirs at various locations along the Florida Gulf Coast. During May and...

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The Tourist Shop sells souvenirs at various locations along the Florida Gulf Coast. During May and June, the company experienced the following events related to t-shirt sales: May 1. Purchased inventory for $2,400 on account. 2. Sold 350 units of inventory for $15 each. 350*$15 -$5,250 3. Paid suppliers $3,000. June 4. Purchased inventory for $3,600 on account. 5. Sold 500 units for $15 each. 500*$15 = $7,500 Related to inventory. The Tourist Shop also recorded the following: Apr. 30 Ending balance 200 units @ $7 May. 15 June 5 200 @ $7 300 @ $8150 $8 400 @$9 150@ $8 50@ $9 Inventory Common stock Inventory Retained earnings Purchased 300 units @ $8 Purchased 400 units @ $9 COGS 200@ $7= $1400 150 @ $8 $1200 350 The Tourist Shop had the following account balances at April 30: Accounts payable $ 2,400 Cash 10,000 5,000 1,400 4,000 = $1,400 $2,400 = $3,600 $1200 350@ $9 3150 400 @ $4350 $2600 Required: 1. Add labels to the first blank line in the horizontal statements model to reflect the components of each statement: Assets, Expenses, Liabilities, Net Income, Revenue, and Stockholder's Equity. 2. Add the account titles to the third blank link, grouping them according to the appropriate component of each statement. Add the beginning account balances in the space provided The Tourist Shop sells souvenirs at various locations along the Florida Gulf Coast. During May and June, the company experienced the following events related to t-shirt sales: May 1. Purchased inventory for $2,400 on account. 2. Sold 350 units of inventory for $15 each. 350*$15 -$5,250 3. Paid suppliers $3,000. June 4. Purchased inventory for $3,600 on account. 5. Sold 500 units for $15 each. 500*$15 = $7,500 Related to inventory. The Tourist Shop also recorded the following: Apr. 30 Ending balance 200 units @ $7 May. 15 June 5 200 @ $7 300 @ $8150 $8 400 @$9 150@ $8 50@ $9 Inventory Common stock Inventory Retained earnings Purchased 300 units @ $8 Purchased 400 units @ $9 COGS 200@ $7= $1400 150 @ $8 $1200 350 The Tourist Shop had the following account balances at April 30: Accounts payable $ 2,400 Cash 10,000 5,000 1,400 4,000 = $1,400 $2,400 = $3,600 $1200 350@ $9 3150 400 @ $4350 $2600 Required: 1. Add labels to the first blank line in the horizontal statements model to reflect the components of each statement: Assets, Expenses, Liabilities, Net Income, Revenue, and Stockholder's Equity. 2. Add the account titles to the third blank link, grouping them according to the appropriate component of each statement. Add the beginning account balances in the space provided

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