The following events were completed by Dana’s Imports in September 2018: Sept. 1 Acquired $50,000 cash from the issue of common stock.
1 Purchased $28,000 of merchandise on account with terms 2/10, n/30.
5 Paid $600 cash for freight to obtain merchandise
purchased on September 1.
8 Sold merchandise that cost $15,000 to customers for $31,000 on account, with terms 2/10, n/30.
8 Returned $600 of defective merchandise from the September 1 purchase to the supplier.