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Required information Exercise 3-7A (Algo) Effect of purchase returns and allowances and freight costs on the financial statements: Perpetual system LO 3-2, 3-3, 3-4 (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: Account Titles Beginning Balances $6,160 Common Stock 7,330 Retained Earnings Cash Inventory 3,080 1,910 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise on account that cost $4,250. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $300 cash. 3. Returned $485 of damaged merchandise for credit on account. 4. Agreed to keep other damaged merchandise for which the company received a $225 allowance. 5. Sold merchandise that cost $2,710 for $4,920 cash. 6. Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $145 cash. 7. Paid $2,970 on the merchandise purchased in Event 1. Exercise 3-7A (Algo) Part a Required 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 Retained Earnings, leave the cell blank. Not every cell will require entry.) TERRY'S AUTO SHOP Effect of Events on the Financial Statements Assets - Liabilities + Stockholders' Equity Accounts Inventory Common Retained Payable Stock Earnings Events Cash Accounts Titles for Retained Earnings Beg. Bal 1 2 3. 4 . 5b. 6. 7 End Bal 0= 0 + 0 + 0 b. Prepare an income statement and a statement of cash flows for Year 2. (Assume that closing entries have been made.) Complete this question by entering your answers in the tabs below. Income Statement Statement of Cash Flows Prepare an income statement. TERRY'S AUTO SHOP Income Statement For the Year Ended December 31, Year 2 0 Operating expenses $ 0 b. Prepare an income statement and a statement of cash flows for Year 2. (Assume that closing entries have been made.) Complete this question by entering your answers in the tabs below. Income Statement of Statement Cash Flows Prepare a statement of cash flows. (Amounts to be deducted should be indicated with a minus sign.) TERRY'S AUTO SHOP Statement of Cash Flows For the Year Ended December 31, Year 2 Cash flow from operating activities: $ Net cash flow from operating activities Cash flows from investing activities Cash flows from financing activities: Net change in cash 0 Ending cash balance $ 0