At the beginning of 2012 the Jeater Co. had the following balance in its account

At the beginning of 2012 the Jeater Co. had the following balance in its accounts: Cash $4300 Inventory $9000 Common Stock $10000 and Retained Earnings $3300During 2012 the co. experienced the following:1 Purchased inventory that cost $2200 on account from Blue Co. under terms 1/10 n/30. The merchandise was delivered FOB shipping point. Freight costs of $110 were paid in cash.2 Returned $200 of the inventory that it had purchased because the inventory was damaged in transit. The freight co. agreed to pay the return freight cost.3 Paid the amount due on its account payable to lue Co. within the discount period.4 Sold inventory that had cost $3000 for $5500 on account under terms 2/10 n/45.5 Recieved merchandise returned from customer. The merchandise originally cost $400 and was sold to the customer for $710 cash during the previous accounting period. The customer was paid $710 cash for the returned merchandise.6 Delivered goods FOB destination in Event 4. Freight costs of $60 were paid in cash.7 Collected the amount due on the account recievable within the discounted period.8 Took a physical count indicating that $7970 of inventory was on hand at the end of the accounting period.

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