Am I missing anything? and how to do retained earnings

Return to questio At the beginning of Year 2. the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2. the company experienced the following events 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10,n/30. The merchandise was delivered FOB shipping point Freight costs of $190 were paid in cash. 2. Returned $400 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $6,800 for $12,100 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $900 and was sold to the customer for $1,680 cash. The customer was paid $1,680 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Freight costs of $140 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $8,500, 9. Recognized accrued interest income of $600. 10. Took a physical count indicating that $13,400 of inventory was on hand at the end of the accounting period. (Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down.) Prev 3 4 of 4 Next Return toc 2 posting the closing entry that is created in Part e. X Answer is not complete. 12 of 4 Cash Beg. Bal 6.900 Beg. Bal 1a. 190 1b. Merchandise Inventory 15,000 5,200 400 190 48 900 6,800 2 3b. 1b 7b. 8. 11,858 8,500 4,752 1.680 140 3a. 4b. 5a OOO 5b OS 6. End. Bal 20,496 End. Bal Bal 14.042 642 10. 13.400 Beg Bal 4a. Accounts Receivable 0 12,100 2427 11,858 7b. Beg. Bal 9. Interest Receivable 0 600 End. Bal End. Bal 600 Accounts Payable Land Ann NE Required information Land 4 Accounts Payable 0 Beg. Bal 7,000 Beg. Bal 2. 7,000 8. 400 . >ISIS 48 5,200 ta 3b. 4.752 End. Bal End. Bal Common Stock 15,000 Beg Bal Beg. Bal Retained Earnings 6,682 X 13,900 2,100 10,178 End. Bal 15,000 End. Bal 19,496 Sales Revenue Cost of Goods Sold 0 0 Beg. Bal 5a. 7a Beg. Bal 4b. 900 5b. S DO 1.680 242 6,800 642 12,100 4a. 10. Bal 10,178 Bal 6,542 5 Bal 10,178 Bal 6,542 10,178 6,542 Transportation-out 0 Interest Revenue Beg. Bal 6. Beg. Bal 0 140 600 9. Bal 140 Bal 600 140 Gain on Sale of Land Beg, Bal 0 1,500 8. Bal 1,500 Return to questio At the beginning of Year 2. the Redd Company had the following balances in its accounts: Cash Inventory Land Common stock Retained earnings $ 6,900 15,000 7,000 15,000 13,900 During Year 2. the company experienced the following events 1. Purchased inventory that cost $5,200 on account from Ross Company under terms 1/10,n/30. The merchandise was delivered FOB shipping point Freight costs of $190 were paid in cash. 2. Returned $400 of the inventory it had purchased from Ross Company because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $6,800 for $12,100 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $900 and was sold to the customer for $1,680 cash. The customer was paid $1,680 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Freight costs of $140 were paid in cash. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $8,500, 9. Recognized accrued interest income of $600. 10. Took a physical count indicating that $13,400 of inventory was on hand at the end of the accounting period. (Hint: Determine the current balance in the inventory account before calculating the amount of the inventory write down.) Prev 3 4 of 4 Next Return toc 2 posting the closing entry that is created in Part e. X Answer is not complete. 12 of 4 Cash Beg. Bal 6.900 Beg. Bal 1a. 190 1b. Merchandise Inventory 15,000 5,200 400 190 48 900 6,800 2 3b. 1b 7b. 8. 11,858 8,500 4,752 1.680 140 3a. 4b. 5a OOO 5b OS 6. End. Bal 20,496 End. Bal Bal 14.042 642 10. 13.400 Beg Bal 4a. Accounts Receivable 0 12,100 2427 11,858 7b. Beg. Bal 9. Interest Receivable 0 600 End. Bal End. Bal 600 Accounts Payable Land Ann NE Required information Land 4 Accounts Payable 0 Beg. Bal 7,000 Beg. Bal 2. 7,000 8. 400 . >ISIS 48 5,200 ta 3b. 4.752 End. Bal End. Bal Common Stock 15,000 Beg Bal Beg. Bal Retained Earnings 6,682 X 13,900 2,100 10,178 End. Bal 15,000 End. Bal 19,496 Sales Revenue Cost of Goods Sold 0 0 Beg. Bal 5a. 7a Beg. Bal 4b. 900 5b. S DO 1.680 242 6,800 642 12,100 4a. 10. Bal 10,178 Bal 6,542 5 Bal 10,178 Bal 6,542 10,178 6,542 Transportation-out 0 Interest Revenue Beg. Bal 6. Beg. Bal 0 140 600 9. Bal 140 Bal 600 140 Gain on Sale of Land Beg, Bal 0 1,500 8. Bal 1,500