i need the answer to e.

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At the beginning of Year 2, the Redd Company had the following balances in its accounts Cash $14,800 Inventory 7,000 Land 3,500 Common stock 13,000 Retained earnings 12,300 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $12,700 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $950 were paid in cash the responsible party 2. Returned $700 of the inventory it had purchased 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 $10,000 for $19,000 on account, under terms 2/10, 1/45 S. Received merchandise returned from a customer. The merchandise originally cost $1,950 and was sold to the customer for $2,600 cash. The customer was paid $2,600 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Freight costs of $840 were paid in cash by the responsible party. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $6,500 9. Recognized accrued interest income of $450 10. Took a physical count indicating that $4,600 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, Required: a. Explain how each event would affect the financial statements by placing a + for increase, - for decrease, and +/- for increase and decrease under each of the components in the following statements model. Assume that the perpetual inventory method is used When an event has more than one partie letters to distinguish the effects of each part The first punte var 1 Return to question a. Prepare a murstep income statement, a statement or changes in stockhodets equity, and a parance sheet for reat 2. e. Use a single general Journal entry the compound entry) to close all revenue, gain, and expense accounts to the retained earnings account. Post the journal entry to the ledger accounts and prepare a post-closing trial balance 100 point Answer is not complete. 00:30:27 Complete this question by entering your answers in the tabs below. RA Hea Ree Reebi Res 2 Reg D3 Reg Red Ez Shy Use a single general journal entry to dose all revenue, gain, and expense accounts to the retained earning (trno entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit 1 Dec 31 23.770 interest receive 450 Inventory 4x000 Common stock 13,000 Retained samning 15,620 Cred Cash OOOOO MC IG At the beginning of Year 2, the Redd Company had the following balances in its accounts Cash $14,800 Inventory 7,000 Land 3,500 Common stock 13,000 Retained earnings 12,300 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $12,700 on account from Ross Company under terms 2/10, 1/30. The merchandise was delivered FOB shipping point. Freight costs of $950 were paid in cash the responsible party 2. Returned $700 of the inventory it had purchased 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 $10,000 for $19,000 on account, under terms 2/10, 1/45 S. Received merchandise returned from a customer. The merchandise originally cost $1,950 and was sold to the customer for $2,600 cash. The customer was paid $2,600 cash for the returned merchandise 6. Delivered goods FOB destination in Event 4. Freight costs of $840 were paid in cash by the responsible party. 7. Collected the amount due on the account receivable within the discount period. 8. Sold the land for $6,500 9. Recognized accrued interest income of $450 10. Took a physical count indicating that $4,600 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, Required: a. Explain how each event would affect the financial statements by placing a + for increase, - for decrease, and +/- for increase and decrease under each of the components in the following statements model. Assume that the perpetual inventory method is used When an event has more than one partie letters to distinguish the effects of each part The first punte var 1 Return to question a. Prepare a murstep income statement, a statement or changes in stockhodets equity, and a parance sheet for reat 2. e. Use a single general Journal entry the compound entry) to close all revenue, gain, and expense accounts to the retained earnings account. Post the journal entry to the ledger accounts and prepare a post-closing trial balance 100 point Answer is not complete. 00:30:27 Complete this question by entering your answers in the tabs below. RA Hea Ree Reebi Res 2 Reg D3 Reg Red Ez Shy Use a single general journal entry to dose all revenue, gain, and expense accounts to the retained earning (trno entry is required for a transaction/event, select "No journal entry required in the first account field.) No Date General Journal Debit 1 Dec 31 23.770 interest receive 450 Inventory 4x000 Common stock 13,000 Retained samning 15,620 Cred Cash OOOOO MC IG