Home Insert Draw Page Layout Formulas Data Review View Help Share X 16 - Cri General $ -% -23 AM 49 o 5 -AN 2B Wrap Text -O-AMergea Center Alignment BIU- Sort & Find a Ideas Forma Conditional Formatas Cell Formatting Table Styles Styles Font Number Cells Eng dra M N O You will also be required to use formulas for any totals and subtotals in your T-accounts and balance sheet. The lack of formulas will result in a lower grade. The following post-closing trial balance was drawn from the accounts of Eastern Grocery Store (EGS). Journal Entries $ Account Name Debit Credit 1 Cash Accounts Receivable Allowance for doubtful accounts Inventory Accounts Payable Common Stock Retained Earnings Totals Debit Credit 3,745 12,375 $ 750 20,300 8,250 19.500 7,920 36,420 $ 36,420 2 $ 3a Transactions for Year 2 3b 1 EGS issued $3,000 worth of common stock for cash 2 EGS purchased $46,000 worth of inventory on account. 3 EGS sold inventory that cost $50,500 for $92,000. Sales were made on account. 4 The company wrote off $500 of uncollectible accounts. CEO nail narati nece of 12 500 Sheet1 T-accounts & Balance Sheet tination and press ENTER or choost Poste 4 Type here to search O du ile Home Bobby Sim Insert Draw Page Layout Formulas Data Review View Help Calibri General waste 11 - AA - OAE B TV- 2 Wrap Text + Merge & Center AY $ - % -28 Insert Delete Formal wid Conditional Format as Cell Formatting Table Styles - Styles Sut pboard Font Alignment Number Cells Eden 11 fx A K L M N 4 D G H 4 The company wrote off $500 of uncollectible accounts. 5 EGS paid operating expenses of $12,500. 6 on September 1, EGS borrowed $10,000 from Western Bank at a 3% annual rate of interest. 7 The company collected $75,375 cash from accounts receivable. 8 A cash payment of $55,000 was paid on accounts payable. 9 The company paid a $5,000 cash dividend to stockholders. 10 Uncollectible accounts are estimated to be 2.5% of sales on account. 11 Recorded the accrued interest at December 31, Year 2. 5 6 Required: 7 a Record the transactions in general journal format. 8 b Record the transactions in T-account format using formulas to compute the ending balance. (don't forget to include beginning balances) Create a balance sheet for December 31, Year Two using formulas to compute totals. 9 10 Sheet1 T-accounts & Balance Sheet lect destination and press ENTER or choose Paste Type here to search O i a