Performed a physical count indicating that 60000 of

Question

The following trial balance pertains to Feazell Hardware as of January 1, 2013:

The following events occurred in 2013. Assume that Feazell Hardware uses the periodic inventory system.

1. Purchased land for $16,000 cash. 
2. Purchased merchandise on account for $46,000, terms 2y10 ny30. 
3. The merchandise purchased by Feazell was shipped FOB shipping pointfor $460 cash. 
4. Returned $4,000 of defective merchandise purchased in Event 2. 
5. Sold merchandise for $54,000 cash. 
6. Sold merchandise on account for $100,000, terms 1y20 ny30. 
7. Paid cash within the discount period on accounts payable due on merchandise purchased in Event 2. 
8. Paid $2,400 cash for selling expenses. 
9. Collected $70,000 of accounts receivable within the discount period. 
10. Collected $24,000 of accounts receivable but not within the discount period. 
11. Paid $6,400 of other operating expenses. 
12. Performed a physical count indicating that $60,000 of inventory was on hand at the end of the accounting period.

Required: 

a. Record these transactions in a general journal. 
b. Post the transactions to ledger T-accounts. 
c. Prepare a schedule of cost of goods sold, an income statement, a statement of changes in stockholders equity, a balance sheet, and a statement of cash flows for 2013.