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Please answer ASAP! Requlred Information [The following information applies to the questions displayed below.] The trial balance for Terry's Auto Shop as of January 1,
Please answer ASAP!
Requlred Information [The following information applies to the questions displayed below.] The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: 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 polnt 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 recelved an $1,100 allowance. 5. Sold merchandise that cost $15,000 for $31,000 cash. 6. Dellvered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $500 cosh. 7. Pald $8.000 on the merchandlse purchased in Event 1. 8. Pald $9,000 cash for operating expenses. Requlred 8. Record the events in general journal format. (If no entry Is required for a transaction/event, select "No journal entry required" In the first eccount field.)Step by Step Solution
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