Recording inventory transactions in a financial statements modelKona Clothing experienced...

Recording inventory transactions in a financial statements model

Kona Clothing experienced the following events during 2012, its first year of operation:

1.Acquired $14,000 cash from the issue of common stock.

2.Purchased inventory for $8,000 cash.

3.Sold inventory costing $6,000 for $9,000 cash.

4.Paid $800 for advertising expense.

Required

Record the events in a statements model like the one shown below.