It says incomplete but i'm mot sure what entry i'm missing. I suspect it is part E. Can someone please verify if I have entered all the necessary items for part E2? Thanks
Check my work mode: This shows what is correct or incorrect for the work you have completed so far. Common stock 17.00 Retained earnings 12,720 During Year 2. the company experienced the following events 1. Purchased inventory that cost $13,100 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered A Shipping point Freight costs of $990 were paid in cash 2. Returned $900 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the reti freight cost 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $12,500 for $21500 on account, under terms 2/10, 1/45. 5. Received merchandise returned from a customer The merchandise originally cost $2.150 and was sold to the customer for $3,000 cash. The customer was paid $3,000 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Freight costs of $880 were paid in cash 7. Collected the amount due on the account receivable within the discount period 8. Sold the land for $7,300 9. Recognized accrued interest income of $650. 10. Took a physical count indicating that $5300 of investory 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 Required: a. Identity each of these events as asset source (AS), asset use (AU), asset exchange (AB), or claims exchange (CE). Also explain how each event would affect the financial statements by placing for increase, - for decrease, and +/- for increase and decrease under each of the components in the following statements model Assume that the perpetual inventory method is used. When an event has more than one part, use letters to distinguish the effects of each part. The first event is recorded as an example. b. Record the events in general journal format. Assume that the perpetual inventory method and gross method is used c. Post the beginning balances and the events to the accounts. Note that these ledger accounts will also be used when posting the dosing entry that is created in Parte d. Prepare a multiste income statement statement of changes in stockholders' equity, a balance sheet, and a statement of cash flows for Year 2 e. Use a single general joumal entry to dose al revenue gain, and expense accounts to the retained earnings account. Post the Journal entry to the ledger accounts and prepare a post-closing til balance Answer is not complete. Complete this question by entering your answers in the tabs below. NA 1 RA 24 Het Reg 2 Post the journal entry to the ledger accounts and prepare a post-doing a balance Crede Ch REOD COMPANY Post Closing Trial Balance December 31 Year AID Titles Det $ 28544 Rendang Com ock interest Inventory 5.100 OOOOO 570 1700 Total $ SOS 34. ces