Exercise 7-15A Comprehensive single-cycle problem LO 7-1, 7-5, 7-6 [The following information applies to the questions displayed below.] The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, 2015: Debit Credit Cash $ 9,000 Accounts receivable 41,000 Allowance for doubtful accounts $ 2,500 Inventory 78,000 Accounts payable 21,000 Common stock 50,000 Retained earnings 54,500 Totals $ 128,000 $ 128,000 Transactions for 2016 1. LGS acquired an additional $20,000 cash from the issue of common stock. 2. LGS purchased $85,000 of inventory on account. 3. LGS sold inventory that cost $91,000 for $160,000. Sales were made on account. 4. The company wrote off $900 of uncollectible accounts. 5. On September 1, LGS loaned $18,000 to Eden Co. The note had an 8 percent interest rate and a one-year term. 6. LGS paid $19,000 cash for operating expenses. 7. The company collected $161,000 cash from accounts receivable. 8. A cash payment of $92,000 was paid on accounts payable. 9. The company paid a $5,000 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $7,000. The cost of goods sold was $4,000. The credit card company charges a 4% service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 1 percent of sales on account. 12. Recorded the accrued interest at December 31, 2016.

Required

a.

Record the above transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

b.	Open T-accounts and record the beginning balances and the 2016 transactions.

c.	Prepare an income statement, statement of changes in stockholders equity, balance sheet, and statement of cash flows for 2016. (Statement of changes in stockholders equity, Balance Sheet and Statement of Cash Flows only: Items to be deducted must be indicated with a minus sign.)