Seved Help Save (The following information applies to the questions displayed below) At the beginning of Year 2, the Redd Company had the following balances in its accounts: Cash Inventory $16,300 6.500 2,500 14.000 11,300 Common stock Retained earnings During Year 2, the company experienced the following events: 1. Purchased Inventory that cost $11,700 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $850 were paid in cash. 2. Returned $700 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold Inventory that had cost $9,000 for $15,000 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $1.450 and was sold to the customer for $2,600 cash. The customer was paid $2,600 cash for the returned merchandise. 6. Delivered goods FOB destination in Event 4. Freight costs of $740 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $4,500. 9. Recognized accrued interest income of $500. 10. Took a physical count indicating that $7,000 of inventory was on hand at the end of the accounting period. (Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down) Record the events in general journal format. Assume that the perpetual inventory method and gross method is used. (If no en quired for a transaction/event, select "No journal entry required" in the first account field.) Seved M UONE ai mar BEEMO TAYO mornnn ann am worAre OLONTE Required information View transaction list Journal entry worksheet Record entry inventory purchased on account from Ross company terms 2/10, 1/30. Note: Enter debits before credits. Event General Journal fa ........................... Debit Credit Record entry Clear entry View general journal 12 of 33 !!! Score answer >