Business, 05.05.2020 04:09 mirandac9394

The beginning account balances for Terry's Auto Shop as of January 1, 2018, follows:
Account Titles Beginning Balances
Cash $6,140
Inventory 3,120
Common Stock 7,460
Retained Earnings 1,800
The following events affected the company during the 2018 accounting period:
1. Purchased merchandise on account that costs $4,280.
2. The goods in Event 1 were purchased FOB shipping point with freight cost of $265 each.
3. Returned $500 of damaged merchandise for credit on account.
4. Agreed to keep other damaged merchandise for which the company received a $265 allowance. 5. Sod, merchandise that cost $2,600 for $4,820 cash.
6. Delivered merchandise to customers in Event 5 under terms of FOB destination with freight costs amounting to $190 cash.
7. Paid $2,900 on the merchandise purchased in Event 1.
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 accounts.

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The beginning account balances for Terry's Auto Shop as of January 1, 2018, follows:
Account T...