Snee Help 5 Petr 769 poires 10 10 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 Retained Earnings Beginning Balances The following events affected the company during the Year 2 accounting period 1. Purchased merchandise on account that cost $4,120 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $270 cash 3. Returned $490 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company received a $290 allowance. 5. Sold merchandise that cost $2.560 for $4,860 cash 6 Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $125 cash 7. Paid $3,000 on the merchandise purchased in Event 1 Required 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.) bag B Cash TERRY'S AUTO SHOP Effect of Events on the Financial Statement Stickholders' Equity Earnings Ast L very Accounts Pay Com Stock Accounts Tilles for Earnings Save & Exit Submit Check my work