1-142,44,46) The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follows 16,80 Comon Stock Retained Earnings 20,800 The following events affected the company during the Year 2 accounting period 1. Purchased merchandise on account that cost $15,000 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $800 cash. 3 Returned $2,600 of damaged merchandise for credit on account 4 Agreed to keep other damaged merchandise for which the company received a $1100 allowance 5. Sold merchandise that cost $15,000 for $31000 cash 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $500 cash. 7 Paid $8.000 on the merchandise purchased in Event 1 Required a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in the accounts. In the last column of the table. provide appropriate account tities for the Retained Earnings amounts to account balances witha minus sign. Select "NA., there I no effect on the-Accounts Titles for Retained Earnings.) (Enter any decreases Effect of Events on the Financial Statements Retained Accounts Titles for Retained Events Cash+ Beg Bal 50