work-Algo i Saved Help Save & Exit Sub Check my wo The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1. Debit Credit Cash $6, 720 Accounts receivable 19, 630 Allowance for doubtful accounts $1, 520 Inventory 25, 210 Accounts payable 10, 655 Common stock 20, 300 Retained earnings 19, 085 Totals $51, 560 $51, 560 Transactions for Year 2 1. LGS acquired an additional $8,600 cash from the issue of common stock. 2. LGS purchased $61,000 of inventory on account. 3. LGS sold inventory that cost $61,400 for $96,700. Sales were made on account. 4. The company wrote off $1,480 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Company The note had an 6 percent interest rate and a one-year term. 6. LGS paid $15,660 cash for operating expenses. 7. The company collected $72,310 cash from accounts receivable. 8. A cash payment of $47,400 was paid on accounts payable. 9. The company paid a $4,200 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,600. The cost of goods sold was $1,600. The credit card company charges a 5 percent service charge. The cash has not been received. 11. Uncollectible accounts are estimated to be 2.5 percent of sales on account. 12. Recorded the accrued interest at December 31, Year 2. 15 Next >Required information View transaction list Journal entry worksheet D E F G H N > Record the issuance of additional common stock. Note: Enter debits before credits. Event General Journal Debit Credit 1. Cash Common stock Record entry Clear entry View general journal < Prev 13 14 15 of 15 Next >Required information View transaction list Journal entry worksheet < B D E G G N Record purchase of inventory on account. Note: Enter debits before credits. Event General Journal Debit Credit 2. Merchandise inventory Record entry Clear entry View general journalRequired information View transaction list Journal entry worksheet B D E F G H N Record sale of inventory on account. Note: Enter debits before credits. Event General Journal Debit Credit 3a. Accounts receivable Sales revenue Record entry Clear entry View general journal Next3 Required information of 3 View transaction list Journal entry worksheet B D E F G H N > bok Record cost of goods sold. nt nt nces Note: Enter debits before credits. Event General Journal Debit Credit 3b Cost of goods sold Merchandise inventory Record entry Clear entry View general journalRequired information View transaction list Journal entry worksheet B E G H N > Record the entry to write-off uncollectible accounts. Note: Enter debits before credits. Event General Journal Debit Credit 4. Allowance for doubtful accounts Accounts receivable Record entry Clear entry View general journalRequired information View transaction list Journal entry worksheet < B F G H N Record the entry for loan granted to Eden Company for one year term at 6 percent interest rate. Note: Enter debits before credits. Event General Journal Debit Credit 5. Notes receivable Cash Record entry Clear entry View general journalCh Required information View transaction list Journal entry worksheet A B C D E G H N Record cash paid for operating expenses. Note: Enter debits before credits. Event General Journal Debit Credit 6. Operating expenses Cash Record entry Clear entry View general journal 13 14 15 of 15 Next >Che Required information View transaction list Journal entry worksheet < D E G N Record cash collected from accounts receivables. Note: Enter debits before credits. Event General Journal Debit Credit 7. Cash Accounts receivable View general journal Record entry Clear entry < Prev 13 14 15 of 15 Next >Required information View transaction list Journal entry worksheet < A . . .. . G H N Record cash payment for accounts payable. Note: Enter debits before credits. Event General Journal Debit Credit 8. Accounts payable Cash View general journal Record entry Clear entry 13 14 15 of 15 Next >Required information View transaction list Journal entry worksheet < A . . ... G H N Record cash dividend paid to the stockholders. Note: Enter debits before credits. Event General Journal Debit Credit 9. Dividends Cash Record entry Clear entry View general journal < Prev 13 14 15 of 15 Next >Required information View transaction list Journal entry worksheet A . .... G H K N Record sales on credit card payment with 5% service charge. Note: Enter debits before credits. Event General Journal Debit Credit 10a. Accounts receivable - Credit cards Credit card expense Record entry Clear entry View general journal Next >Required information View transaction list Journal entry worksheet G H J K L N Record cost of goods sold. nces Note: Enter debits before credits. Event General Journal Debit Credit 10b. Cost of goods sold Merchandise inventory Record entry Clear entry View general journal < Prev 13 14 15 of 15 Next >3 ! Required information 1 of 3 View transaction list Journal entry worksheet < H J K U M N Book Record the entry for uncollectible accounts, estimated to be 2.5 percent of Hint sales on account. Print erences Note: Enter debits before credits. Event General Journal Debit Credit 11 Uncollectible accounts expense Allowance for doubtful accounts View general journal Record entry Clear entry < Prev 13 14 15 of 15 Next >mewo Required information View transaction list Journal entry worksheet JK LM N mmmmmm Record entry for accrued interest at December 31, Year 2. Note: Enter debits before credits. Event General Journal Debit Credit 12 Interest receivable Interest revenue Record entry Clear entry View general journal