![Required Information<br>he folowing iaformation applies to the questions displayed beow]<br>The beginning account balances for Tery's Auto Shop as of January 1, Year 2. follow<br>7ASINK<br>Tmmkng BaABOEN<br>$16.000<br>Inventony<br>Commn Steck<br>Bebained Eaxnings<br>8,000<br>20,000<br>4,000<br>The followtng events affected the company durtng the Year 2 accounting pertod<br>1 Purchased merchandise on account that cost $15,00.<br>2. The goods in Event 1 were purchased FOB shipping polnt with fretght cost of $800 cash.<br>3. Returned $2,600 of damaged merchandise for credit on account<br>4. Agreed to keep other damaged merchandise for which the company recetved a $1,100 allowance.<br>5. Sold merchandise that cost $15,000 for $31,000 cash.<br>6. Delivered merchandise to customers In Event 5 under terms FOB destination with freight costs amounting to $500<br>cash<br>7. Pald $8,000 on the merchandise purchased in Event 1.<br>Required<br>a. Organtze appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data In<br>the accounts, In the last column of the table, provide approprlate account titles for the Retalned Earnings amounts. (Enter any<br>decreases to account balances with a minus sign. If there Is no effect on the Accounts Titles for Retalned Earnings, leave the<br>cell blank. Not every cell wll requlre entry.)<br>TERRY'S AUTO SHOP<br>Effect of Events on the Financial Statements<br>Stockholders' Equity<br>- Liabilities +<br>Accounts Titles for Retained<br>Earnings<br>Assets<br>Accounts Common<br>Payable<br>Retained<br>Earnings<br>Cash<br>Inventory<br>Stock<br>+]<br>Events<br>Beg Bal<br>2.<br>3.<br>4.<br>5b<br>6.<br>7.<br>Next ><br>80<br>End Bal<br>567 of 8<br>< Prev<br>](https://s3.us-east-1.amazonaws.com/storage.unifolks.com/qimg-008/008_bjskyp0-rolplfac.jpeg)
Extracted text: Required Information he folowing iaformation applies to the questions displayed beow] The beginning account balances for Tery's Auto Shop as of January 1, Year 2. follow 7ASINK Tmmkng BaABOEN $16.000 Inventony Commn Steck Bebained Eaxnings 8,000 20,000 4,000 The followtng events affected the company durtng the Year 2 accounting pertod 1 Purchased merchandise on account that cost $15,00. 2. The goods in Event 1 were purchased FOB shipping polnt with fretght cost of $800 cash. 3. Returned $2,600 of damaged merchandise for credit on account 4. Agreed to keep other damaged merchandise for which the company recetved a $1,100 allowance. 5. Sold merchandise that cost $15,000 for $31,000 cash. 6. Delivered merchandise to customers In Event 5 under terms FOB destination with freight costs amounting to $500 cash 7. Pald $8,000 on the merchandise purchased in Event 1. Required a. Organtze 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 approprlate account titles for the Retalned Earnings amounts. (Enter any decreases to account balances with a minus sign. If there Is no effect on the Accounts Titles for Retalned Earnings, leave the cell blank. Not every cell wll requlre entry.) TERRY'S AUTO SHOP Effect of Events on the Financial Statements Stockholders' Equity - Liabilities + Accounts Titles for Retained Earnings Assets Accounts Common Payable Retained Earnings Cash Inventory Stock +] Events Beg Bal 2. 3. 4. 5b 6. 7. Next > 80 End Bal 567 of 8 <>
![Required Information<br>[The following Information applies to the questions displayed below]<br>The beginning account balances for Terry's Auto Shop as of January 1, Year 2, follow.<br>Beginning BalanceS<br>$16, 000<br>8,000<br>20, 000<br>4, 000<br>Account Titles<br>Cash<br>Inventory<br>Common Stock<br>Retained Earnings<br>The following events affected the company during the Year 2 accounting perlod:<br>1. Purchased merchandise on account that cost $15,000,<br>2. The goods In Event 1 were purchased FOB shipping point with freight cost of $800 cash.<br>3. Returned $2,600 of damaged merchandise for credit on account.<br>4. Agreed to keep other damaged merchandise for which the company recelved a $1,100 allowance.<br>5. Sold merchandise that cost $15,000 for $31,000 cash.<br>6. Delivered merchandise to customers In Event 5 under terms FOB destination with frelght costs amounting to $500<br>cash.<br>7. Pald $8,000 on the merchandise purchased in Event 1.<br>Requlred<br>a. Organize appropriate ledger accounts under an accounting equation. Record the beginning balances and the transaction data in<br>the accounts. In the last column of the table, provide appropriate account titles for the Retained Earnings amounts. (Enter any<br>decreases to account balances with a minus sign. If there Is no effect on the Accounts Titles for Retalned Earnings, leave the<br>cell blank. Not every cell will requlre entry.)<br>TERRY'S AUTO SHOP<br>Effect of Events on the Financial Statements<br>Assets<br>- Liabilities +<br>Stockholders' Equity<br>Accounts<br>Payable<br>Common Retained<br>Stock<br>Accounts Titles for Retained<br>Earnings<br>Events<br>Cash<br>Inventory<br>Earnings<br>Beg. Bal.<br>1.<br>+<br>2.<br>3.<br>4.<br>5a,<br>5b.<br>6.<br>7.<br>End Bal.<br>](https://s3.us-east-1.amazonaws.com/storage.unifolks.com/qimg-008/008_ytakyp0-l0czug0j.jpeg)
Extracted text: 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. Beginning BalanceS $16, 000 8,000 20, 000 4, 000 Account Titles Cash Inventory Common Stock Retained Earnings The following events affected the company during the Year 2 accounting perlod: 1. Purchased merchandise on account that cost $15,000, 2. The goods In Event 1 were purchased FOB shipping point with freight cost of $800 cash. 3. Returned $2,600 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company recelved a $1,100 allowance. 5. Sold merchandise that cost $15,000 for $31,000 cash. 6. Delivered merchandise to customers In Event 5 under terms FOB destination with frelght costs amounting to $500 cash. 7. Pald $8,000 on the merchandise purchased in Event 1. Requlred 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 Retalned Earnings, leave the cell blank. Not every cell will requlre entry.) TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assets - Liabilities + Stockholders' Equity Accounts Payable Common Retained Stock Accounts Titles for Retained Earnings Events Cash Inventory Earnings Beg. Bal. 1. + 2. 3. 4. 5a, 5b. 6. 7. End Bal.