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Do all the journal entries, please! Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, 7-6 [The following information applies to the questions displayed below.]
Do all the journal entries, please!
Exercise 7-15A (Algo) Comprehensive single-cycle problem LO 7-1, 7-5, 7-6 [The following information applies to the questions displayed below.] The following post-closing trial balance was drawn from the accounts of Little Grocery Supplier (LGS) as of December 31, Year 1. Transactions for Year 2 1. LGS acquired an additional $10,800 cash from the issue of common stock. 2. LGS purchased $58,100 of inventory on account. 3. LGS sold inventory that cost $63,800 for $96,300. Sales were made on account. 4. The company wrote off $1,240 of uncollectible accounts. 5. On September 1, LGS loaned $9,500 to Eden Company The note had an 7 percent interest rate and a one-year term. 6. LGS paid $15,680 cash for operating expenses. 7. The company collected $80,690 cash from accounts receivable. 8. A cash payment of $48,640 was paid on accounts payable. 9. The company paid a $5,800 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 3 percent 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, Year 2. Journal entry worksheet D E F Record the issuance of additional common stock. Note: Enter debits before creditsStep by Step Solution
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