Canvas Connect link N Netflix outlook LON-CAPA Conte... Sarved Help 10/19/21 8:00pm (Ch 7) The following trial balance was prepared for Tile, Etcetera, Incorporated on December 31, Year 1, after the closing entries were posted. Credit Debit $135,000 130,000 $20,500 Account Title Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Totals 435,000 100,000 475,000 104,500 $700,000 $700,000 3 Tile, Etcetera had the following transactions in Year 2: 1. Purchased merchandise on account for $605,000. 2. Sold merchandise that cost $445,000 for $940,000 on account 3. Sold for $270,000 cash merchandise that had cost $170,000. 4. Sold merchandise for $215,000 to credit card customers. The merchandise had cost $106,000. The credit card company charges a 3 percent fee. 5. Collected $670,000 cash from accounts receivable. 6. Paid $635,000 cash on accounts payable. 7. Paid $150,000 cash for selling and administrative expenses. 8. Collected cash for the full amount due from the credit card company (see item 4). 9. Looned $85,000 to J. Parks. The note had an 6 percent interest rate and a one-year term to maturity 10. Wrote off $8,000 of accounts as uncollectible. 11. Made the following adjusting entries: (Recorded uncollectible accounts expense estimated at 1 percent of sales on account. (b) Recorded seven months of accrued interest on the note at December 31, Year 2 (see item 9). Required a. Prepare general journal entries for these transactions, and post the entries to accounts. Also, prepare an income statement, a statement of changes in stockholders' equity, and a balance sheet for Year 2. 1 , . Required A Required AT Required A Inc Required A Required A Bal General Stmt accounts Journal Stmt Sheet Stkholder Eq Enter the beginning balances and post the entries to T-accounts. Cash Accounts Payable Beginning Balance Beginning Balance Ending Balance Ending Balance Accounts Recolvable Common Stock Beginning Balance Beginning Balance Ending Balance Ending Balance Retained Earnings Allowance for Doubtful Accounts Beginning Balance Beginning Balance Ending Balance Ending Balance Merchandise Inventory Sales Revenue Beginning Balance Beginning Balance Ending Balance Ending Balance Notes Receivable Cost of Goods Sold es Beginning Balance Beginning Balance Ending Balance Ending Balance Interest Receivable Credit Card Expense Beginning Balance Beginning Balance Ending Balance Ending Balance Selling and Administrative Expenses Beginning Balance Ending Balance Uncollectible Accounts Expense Beginning Balance + Ending Balance Interest Revenue Beginning Balance Ending Balance