5 Part 1 of 3 7.69 points eBook Hint Print References ! Required information [The following information applies to the questions displayed below.] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow: Account Titles Cash Beginning Balances $ 6,060 3,130 7,300 1,890 Inventory Common Stock Retained Earnings The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,130. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $275 cash. 3. Returned $410 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received a $270 allowance. 5. Sold merchandise that cost $2,550 for $4,880 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $195 cash. 7. Paid $2,930 on the merchandise purchased in Event 1. Check

Required information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow. The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,130. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $275 cash. 3. Returned $410 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received a $270 allowance. 5. Sold merchandise that cost $2,550 for $4,880 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $195 cash 7. Paid $2,930 on the merchandise purchased in Event 1. Required information [The following information applies to the questions displayed below] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow: The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,130 2. The goods in Event 1 were purchased Fon shipping point with freight cost of $275 cash. 3. Returned $410 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received a $270 allowance. 5. Sold merchandise that cost $2,550 for $4,880cash 6. Delivered merchandise to customers in Event 5 under terms fOB destination with freight costs amounting to 5195 cash. 7. Paid $2,930 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, peovide appropriate account tities for the Rotained Earnings amounts Note: Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts rities for Retained