Required information [The following information applies to the questions displayed below.] The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow. Account Titles Cash Inventory Common Stock Beginning Balances $6,110 3,140 7,460 1,798 Retained Earnings The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,130. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $245 cash. 3. Returned $400 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received a $250 allowance. 5. Sold merchandise that cost $2,650 for $4,820 cash 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $140 cash. 7. Paid $2,980 on the merchandise purchased in Event 1. Prev 1 2 3 of 14 Next > Check my work