December 31, 2015 Credit Cash Accounts receivable Allowance for doubtful accounts Inventory Accounts payable Common stock Retained earnings Debit 16,690 22,680 $5,170 $ 2,135 7,345 18,900 16,160 Totals $44,540 $44,540 Transactions for 2016 1. LGS acquired an additional $8,800 cash from the issue of common stock. 2. LGS purchased $59,300 of inventory on account. 3. LGS sold inventory that cost $60,300 for $95,200. Sales were made on account. 4. The company wrote off $1,050 of uncollectible accounts. 5. On September 1, LGS loaned $7,500 to Eden Co. The note had an 9 percent interest rate and a one-vear term 6. LGS paid $14,850 cash for operating expenses 7. The company collected $84,640 cash from accounts receivable. 8. A cash payment of $47,080 was paid on accounts payable 9. The company paid a $6,000 cash dividend to the stockholders. 10. Accepted credit cards for sales amounting to $3,600. The cost of goods sold was $1,800. The credit card company charges a 4% service charge. The cash has not been received 11. Uncollectible accounts are estimated to be 2 percent of sales on account. 12. Recorded the accrued interest at December 31, 2016