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Required information Skip to question [The following information applies to the questions displayed below.] The...

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Accounting

Required information Skip to question [The following information applies to the questions displayed below.] The trial balance for Terrys Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit Cash $ 15,000 Inventory 3,080 Common Stock $ 7,480 Retained Earnings 10,600 Total $ 18,080 $ 18,080 The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,180. The goods in Event 1 were purchased FOB shipping point with freight cost of $250 cash. Returned $490 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise for which the company received an $215 allowance. Sold merchandise that cost $2,550 for $14,000 cash

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