Required information The following information applies to the questions displayed below The beginning account balances for Terry's Auto Shop as of January 1, 2018, follows Account Titles Cash Inventory Common Stock Retained Earnings Beginning Balances $6,150 3,020 7,310 1,860 The following events affected the company during the 2018 accounting period 1. Purchased merchandise on account that cost $4,250 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $240 cash 3. Returned $495 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received an $210 allowance 5. Sold merchandise that cost $2,600 for $4,850 cash 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $190 cash. 7. Paid $2,940 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 titles for the Retained Earnings amounts. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Accounts Titles for Retained Earnings".) TERRY'S AUTO SHOP Effect of Events on the Financial Statements -LiabilitiesStockholders' Equity Common Earnin Assets Accounts Payable Retained Accounts Titles for Retained Earnings Events Cash Inventory Stock Beg. Bal NA 2. 3. 5b End Bal