Pelcher Corp., a merchandiser, recently completed its 2017 operations. For the year, (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of inventory are on credit, (4) all debits to Accounts Payable reflect cash payments for inventory, (5) Other Expenses are all cash expenses, and (6) any change in Income Taxes Payable reflects the accrual and cash payment of taxes. The companys balance sheets and income statement follow.

PELCHER CORPORATION Comparative Balance Sheets December 31, 2017 and 2016
	2017				2016
Assets
Cash	$	512,000			$	327,000
Accounts receivable		153,000				131,000
Inventory		647,000				566,000
Total current assets		1,312,000				1,024,000
Equipment		413,000				359,000
Accum. depreciationEquipment		(195,000	)			(125,000	)
Total assets	$	1,530,000			$	1,258,000
Liabilities and Equity
Accounts payable	$	135,000			$	111,000
Income taxes payable		32,000				29,000
Total current liabilities		167,000				140,000
Equity
Common stock, $2 par value		832,000				768,000
Paid-in capital in excess of par value, common stock		311,000				215,000
Retained earnings		220,000				135,000
Total liabilities and equity	$	1,530,000			$	1,258,000

PELCHER CORPORATION Income Statement For Year Ended December 31, 2017
Sales				$	2,662,000
Cost of goods sold					1,614,000
Gross profit					1,048,000
Operating expenses
Depreciation expense	$	70,000
Other expenses		734,000			804,000
Income before taxes					244,000
Income taxes expense					74,690
Net income				$	169,310

Additional Information on Year 2017 Transactions

a) Purchased equipment for $54,000 cash.

b) Issued 32,000 shares of common stock for $5 cash per share.

c) Declared and paid $84,310 in cash dividends.

Indirect Method

Using the income statement, the comparative balance sheet, and the additional information given above, reconstruct the entries for the summarized activity of the current fiscal year. Upon completion, the trial balance tab should agree with the December 31, 2017 balances.

Journal entry worksheet

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Reconstruct the journal entry for cash receipts from customers, incorporating the change in the related balance sheet account(s), if any.

Note: Enter debits before credits.

Date	Account Title	Debit	Credit
Dec 31

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