Exercise 5-13 Comprehensive single-cycle problem LO 5-2, 5-4 The following information applies to the questions displayed below The following post-closing trial balance was drawn from the accounts of Hardwood Timber Co. as of December 31, 2013: Cash $ 6.310 17,960 Accounts receivable Allowance for doubtful accounts $ 1,515 23,530 Accounts payable Common stock Retained earnings 8,365 20,900 17020 Totals $47,800 $47,800 2014 ansactions for 1. Acquired an edditional $9.200 cash from the issue of common stock 2. Purchased $58,200 of inventory on account 3. Sold inventory that cost $62,000 for $95.600. Sales were made on account 4 Wrote off $980 of uncollectible occounts 5. On September 1, Hardwood loaned $7.000 to Pine Co. The note had a 8 percent interest rate and a one- year term 6 Paid $14.330 cash for salanies expense 7. Collected $87780 cash from accounts recetvable. 8 Pald $53.670 cash on accounts payable 9 Paid a $4100 cash dividend to the stockholders 0 Estimated unconectible eccounts expense to be 3 00 percent of sales on account 11. Recorded the accrued interest at December 3t 2014 References O Type here to search