7 Part 4 of 4 Required Information Problem 4-26A Comprehensive cycle problem: Perpetual system LO 4-2, 4-3, 4-4, 4-5, 4-6, 4-7 [The following information applies to the questions displayed below.] At the beginning of Year 2 the Redd Company had the following balances in its accounts: 1.48 points Cash Inventory Land Connon stock Retained earnings $16,800 7.eee 2,600 15,600 11,400 eBook Print During Year 2 the company experienced the following events: References 1. Purchased Inventory that cost $11,800 on account from Ross Company under terms 270.n/30. The merchandise was delivered FOB shipping point Freight costs of $860 were paid in cash. 2. Returned $750 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the retum freight cost. 3. Pald the amount due on its account payable to Ross Company within the cash discount period. 4. Sold Inventory that had cost $9.500 for $15.500 on account, under terms 270.n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $1,500 and was sold to the customer for $2,700 cash. The customer was paid $2,700 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $750 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $4,700. 9. Recognized accrued Interest Income of $550. 10. Took a physical count Indicating that $7.100 of Inventory was on hand at the end of the accounting period. (Hint: Determine the current balance in the Inventory account before calculating the amount of the inventory write down.) Problem 4-26A Parte e. Use a single general Journal to close all revenue, gain, and expense accounts to the retained earnings account. Post the Journal entry to the ledger accounts created in Part c and prepare a post-closing trial balance. (If no entry is required for a transaction/event, select "No Journal entry required" in the first account field.) View transaction lat Journal entry worksheet