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Mario Company experienced the following events:
1. Purchased merchandise inventory for cash. 2. Sold merchandise inventory on account. Label the revenue recognition 2a and the expense recognition 2b. 3. Returned merchandise purchased on account.4. Purchased merchandise inventory on account. 5. Paid cash on accounts payable within the discount period. 6. Paid cash for selling and administrative expenses. 7. Sold merchandise inventory for cash. Label the revenue recognition 7aand the expense recognition 7b. 8. Paid cash for transportation-out. 9. Paid cash for transportation-in. 10. Collected cash from accounts receivable not within the discount period.
Required:
Identify each event as asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the financial statements by placing a + for increase, - for decrease, or NA for not affected under each of the components in the following statements model. Assume the company uses the perpetual inventory system.
The first event is recorded as an example.
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