Required information The following information lies to the questions displayed below The beginning account balances for Terry's Auto Shop as of January 1 Year 2. folow Account Titles Torventory Co Stock Betained Earnings Beginning balances $5,11 3,190 1.10 1,98 The following events aftected the company during the Year 2 accounting period: 1. Purchased mercluindise on account that cost $4 200, 2. The goods in Event I were purchased FOB shipping point with freight cost of $245 cash 3. Returned 5455 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received a $270 allowance 5. Sold merchandise that cost $2.650 for $4,810 cash 6. Delivered merchandise to customers in Events under terms FOB destination with eight costs amounting to $150 cash. 7. Paid 52,820 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. 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 Assets Liabilities + Stockholders' Equity Accounts Inventory Common Retained + + Payable Stock Earnings Events Cash + Accounts Titles for Retained Earnings Beg Bal + 1 + 2. + + + + 1111111111 3 ++ ++ + + + 4 5a + 5b 6 + + + + TI 7 End Bal + + + + + +