Required 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: Account Titles Debit Credit Cash $14,770 Inventory 3,050 Common Stock $ 7,310 Retained Earnings 10,510 Total $17,820 $17,820 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,240. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $285 cash. 3. Returned $460 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received an $220 allowance. 5. Sold merchandise that cost $2,640 for $13,300 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $160 7. Paid $2,900 on the merchandise purchased in Event 1. 8. Paid $8,600 cash for operating expenses. cash. b. Open general ledger T-accounts with the appropriate beginning balances, and post the journal entries to the T-accounts. 2 7. Paid $2,900 on the merchandise purchased in Event 1. 8. Paid $8,600 cash for operating expenses. Part 2 of 4 b. Open general ledger T-accounts with the appropriate beginning balances, and post the journal entries to the T- Cash Accounts Payable 10 points Beg. Bal Beg. Bal eBook Hint End. Bal End. Bal Merchandise Inventory Common Stock Ask Beg. Bal Beg. Bal Print End. Bal End. Bal References Retained Earnings Sales Revenue Beg. Bal Beg Bal End. Bal End. Bal ook End. Bal End. Bal Hint Cost of Goods Sold Transportation-out Beg. Bal Beg. Bal Ask End. Bal End, Bal Print Operating Expenses Beg. Bal References End. Bal