Purchased merchandise on account that cost $15,000. The goods in Event 1 were purchased FOB shipping point with freight cost of $800 cash. Returned $2,600 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise for which the company received an $1,100 allowance. Sold merchandise that cost $15,000 for $31,000 cash. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $500 cash. Paid $8,000 on the merchandise purchased in Event 1. Paid $9,000 cash for operating expenses. b. Open general ledger T-accounts with the appropriate beginning balances, and post the journal entries to the T-accounts.

Over the past several years, joyce chen has been able to save regularly. as a result, today she has $54,188 in savings and investments. she wants to establish her own business in 5 years and feels she will need $100,000 to do so. a. if she can earn 6% on her money, how much will her $54,188 in savings/investments be worth in 5 years? will joyce have the $100,000 she needs? if not, how much more money will she need? b. given your answer to part a, how much will joyce have to save each year over the next 5 years to accumulate the additional money? assume she can earn interest at a rate of 6%. c. if joyce can afford to save only $4,000 a year then, given your answer to part a, will she have the $100,000 she needs to start her own business in 5 years?