Exercise 3-1 Determining the cost of financing inventory LO 3-1 On January 1, 2014, Laura started a small flower merchandising business that she named Laura's Flowers. The company experienced the following events during the first year of operation. 1. Started the business by issuing common stock for $23,000 cash. 2. Paid $16,000 cash to purchase inventory 3. Sold merchandise that cost $10,000 for $22,000 on account 4. Collected $19,000 cash from accounts receivable 5. Paid $4,800 for operating expenses Required a. rganize ledger accounts under an accounting equation and record the events in the accounts, In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. (Select NA" if there is no account balances with a minus sign.) effect on the "Accounts Titles for Retained Earnings". Enter any decreases to LAURA'S FLOWERS Effect of Events on the Accounting Equation Stockholders EquityAccounts Titles for Common RetainedRetained Earnings Assets Accounts Inventory Stock Receivable Earnings 2. 3a 3b Total S