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The trial balance for The Box Shop as of January 1, 2013, was as follows:
The following events affected the company during the 2013 accounting period:
1. Purchased merchandise on account that cost $8,200. 2. The goods in event 1 were purchased FOB shipping point with freight cost of $600 cash. 3. Returned $800 of damaged merchandise for credit on account.4. Agreed to keep other damaged merchandise for which the company received a $400 allowance. 5. Sold merchandise that cost $5,500 for $9,500 cash. 6. Delivered merchandise to customers under terms FOB destination with freight costs amounting to $300 cash. 7. Paid $5,000 on the merchandise purchased in Event 1.
Required:
a. Record the transactions in general journal format. b. Open general ledger T-accounts with the appropriate beginning balances, and post the journal entries to the T-accounts. c. Prepare an income statement and statement of cash flows for 2013. d. Explain why a difference does or does not exist between net income and net cash flow from operating activities.
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