The Pet Store experienced the following events for the 2018 accounting period. a. Acquired $70,000 cash from the issue of common stock.
b. Purchased $76,500 of inventory on account.
c. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,350 paid in cash.
d. Sold inventory on account that cost $37,000 for $69,000.
e. Freight cost on the goods sold in Event 4 was $1,120.
f. The goods were shipped FOB destination.
g. Cash was paid for the freight cost.
h. Customer in Event 4 returned $5,020 worth of goods that had a cost of $2,560.
i. Collected $56,580 cash from accounts receivable.
j. Paid $58,200 cash on accounts payable.
k. Paid $2,810 for advertising expense.
l. Paid $3,650 cash for insurance expense.

Required:
Record the above events in a horizontal statement model.