Required Information (The following information applies to the questions displayed below, The beginning account belances for Terry's Auto Shop as of January 1, 2018, follows Beginning Balances $6,130 3,170 7,380 Account Titles Cash Inventory Conmon Stock Retained 1,920 Earnings The following events affected the company during the 2018 accounting perlod 1, Purchased merchandise on account that cost $4140. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $295 cash 3. Returned $470 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received an $275 allowance. 5. Sold merchandise that cost $2,660 for $4770 cash. 6 Delvered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $200 cash 7 Pald $2,930 on the merchandise purchased in Event 1 Required a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in the accounts. In the last column of the table, provide appropriate account tties for the Retained Earnings amounts. (Enter any decreases to account balances with a minus sign. If there is no effect on the Accounts Titles for Retained Earnings, leave the cell blank, Not every cell will require entry) TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assots Liabilities+ Stockholders Equity Accounts Titlen for Retained Earnings Accounts Payable Retained Earnings Events Cash Inventory Common Stock Beg Bal, 3 5a. 5b. 6. 7 End Bal. 11