Comprehensive single-cycle problem

The following post-closing trial balance was drawn from the accounts of Hardwood Timber Co. as of December 31, 2013:

Debit

Credit

Cash

$

6,790

Accounts receivable

19,525

Allowance for doubtful accounts

$

1,970

Inventory

22,000

Accounts payable

9,215

Common stock

19,500

Retained earnings

17,630

Totals

$

48,315

$

48,315

Transactions for 2014

1.	Acquired an additional $10,300 cash from the issue of common stock.
2.	Purchased $59,900 of inventory on account.
3.	Sold inventory that cost $63,200 for $95,900. Sales were made on account.
4.	Wrote off $1,010 of uncollectible accounts.
5.	On September 1, Hardwood loaned $10,000 to Pine Co. The note had a 8 percent interest rate and a one-year term.
6.	Paid $14,150 cash for salaries expense.
7.	Collected $75,630 cash from accounts receivable.
8.	Paid $51,500 cash on accounts payable.
9.	Paid a $4,100 cash dividend to the stockholders.
10.	Estimated uncollectible accounts expense to be 3.50 percent of sales on account.
11.	Recorded the accrued interest at December 31, 2014.

Organize the transaction data in accounts under an accounting equation

HARDWOOD TIMBER CO. Accounting Equation for the Year 2014 Event | Assets | Liabilities Stockholders' Equity Titles for Cash Accounts Allowance-1 Merchandise-1 Notes Accounts Common Retained | Retained Payable Earnings | Earning Receivable nventory Receivable Receivable Stock sa. 3b 4. 10 Bal