.. Write your answer in the space provided. Name Problem 1 (8 pts): Patty's Pet Shop experienced the following business events during its first year of operation: 1) Purchased merchandise on account, $4,400, terms 1/10, 1/30. 2) Transportation for merchandise (purchased in event 1) shipped FOB shipping point $90 paid in cash 3) Returned $200 of goods (purchased in event 1) for wrong color 4) Paid for the merchandise purchased within the discount period Su) Sold merchandise on account for S5,100. 5bThe inventory sold had a cost of $2,800 5) Collected $4.150 on the merchandise sold on account 6) Paid operating expense of S1,700. Required: Fill in the chart 1 Patty's Pet Shop Horizontal Statements Model for Year 1 Balance Sheet Income Statement Assets Liab + Stkholders' Equity Exp + A. Rec. + Mdse. Inv. - A Pay. + C. StkRet. Ear. Rev. - Net Inc. Cash 50,000 + 50,000 Beg Balance 11. Pur in 2. Transport 3. Ret. Inv 6. Paid AP Sa. Sold Inv. 5b. Cost 3. Coll. AR 7. Pd. Exp End. Balance