Exercise 5-13 Comprehensive single-cycle problem The following post-closing trial balance was drawn from the accounts of Hardwood Time as of December 31, 2013 Debit Credit $16.000 18.000 $ 2,000 25,000 Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Totals 9.200 30,000 17.800 $59.000 $59.000 Transactions for 2014 1. Acquired an additional $20,000 cash from the issue of common stock 2. Purchased $80,000 of inventory on account. 3. Sold inventory that cost $61,000 for $98,000. Sales were made on account. 4. Wrote of $1,500 of uncollectible accounts 5. On September 1. Hardwood loaned $10,000 to Pine Co. The note had a 6 percent interest rate and a one-year term. 6. Paid S24,500 cash for salaries expense. 7. Collected 599,000 cash from accounts receivable. 8. Paid 578,000 cash on accounts payable. 9. Paid a $5,000 cash dividend to the stockholders 10. Estimated uncollectible accounts expense to be 1 percent of sales on account. 11. Recorded the accrued interest at December 31, 2014