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 $ 16,000 Inventory 8,000 Common Stock $ 20,000 Retained Earnings 4,000 Total $ 24,000 $ 24,000 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 point 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 received an $1100 allowance. 5. Sold merchandise that cost $15,000 for $31.000 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $500 cash. 7. Paid $8,000 on the merchandise purchased in Event 1. 8. Paid $9,000 cash for operating expenses. b. Open general ledger T-accounts with the appropriate beginning balances, and post the journal entries to the T- accounts. Cash Accounts Payable Beg Bal Beg Bal End. Bal End. Bal Common Stock Inventory Beg. Bal Beg Bai End. Bal End. Bal Required information Retained Earnings Sales Revenue Beg. Bal Beg. Bal End. Bal End. Bal Cost of Goods Sold Transportation-out Beg. Bal Beg. Bal End. Bal End. Bal Operating Expenses Beg. Bal End. Bal