The trial balance for Terrys Auto Shop as of January 1, Year 2, follows: ...
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Accounting
The trial balance for Terrys Auto Shop as of January Year follows: Account Titles Debit Credit Cash $ Inventory Common Stock $ Retained Earnings Total $ $ The following events affected the company during the Year accounting period: Purchased merchandise on account that cost $ The goods in Event were purchased FOB shipping point with freight cost of $ cash. Returned $ of damaged merchandise for credit on account. Agreed to keep other damaged merchandise for which the company received an $ allowance. Sold merchandise that cost $ for $ cash. Delivered merchandise to customers in Event under terms FOB destination with freight costs amounting to $ cash. Paid $ on the merchandise purchased in Event Paid $ cash for operating expenses. Required a Record the events in general journal format. b Open general ledger Taccounts with the appropriate beginning balances, and post the journal entries to the Taccounts. c Prepare a multistep income statement, balance sheet, and statement of cash flows. Assume that closing entries have been made.
The trial balance for Terrys Auto Shop as of January Year follows:
Account Titles Debit Credit
Cash $
Inventory
Common Stock $
Retained Earnings
Total $ $
The following events affected the company during the Year accounting period:
Purchased merchandise on account that cost $
The goods in Event were purchased FOB shipping point with freight cost of $ cash.
Returned $ of damaged merchandise for credit on account.
Agreed to keep other damaged merchandise for which the company received an $ allowance.
Sold merchandise that cost $ for $ cash.
Delivered merchandise to customers in Event under terms FOB destination with freight costs amounting to $ cash.
Paid $ on the merchandise purchased in Event
Paid $ cash for operating expenses.
Required
a Record the events in general journal format. b Open general ledger Taccounts with the appropriate beginning balances, and post the journal entries to the Taccounts. c Prepare a multistep income statement, balance sheet, and statement of cash flows. Assume that closing entries have been made.
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